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Fitch rates Washington Gas notes AA-
Fitch Ratings said it assigned an AA- rating to Washington Gas Light Co.'s (A+) issuance of $100 million of series J unsecured medium-term notes due September 2044.
The outlook is stable.
Proceeds will be used to pay down short-term borrowings and to prefund a portion of planned capital expenditures.
Fitch said the key rating drivers include: constructive tariff mechanisms reduce regulatory lag; purchased gas cost recovery in all jurisdictions; infrastructure recovery mechanisms in Maryland and Virginia; solid financial performance; and large CapEx program focused on distribution investments.
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