Fitch rates Washington Gas Light notes AA-

Fitch Ratings said it assigned an AA- rating to Washington Gas Light Co.'s (issuer default rating A+) issuance of $250 million of 30-year unsecured medium-term notes, series K, due Sept. 15, 2046.

Proceeds will be used to pay down short-term borrowings and to prefund a portion of planned capital expenditures.

The outlook is stable.

Fitch said it expects Washington Gas’s credit profile to remain consistent with its rating level over the next few years, despite a large capex program that is expected to modestly pressure leverage. The agency estimates debt/EBITDAR to be about 3 times through 2019, while funds from operations (FFO) fixed-charge coverage is projected to remain above 5 times through the forecast period.

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