Fitch rates Eversource notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Eversource Energy's $500 million issuance of senior unsecured notes, series M, due Jan. 15, 2028.

In addition, Eversource is adding on $150 million to its existing senior unsecured notes, series I, due March 15, 2021. Following this add-on issuance, the aggregate principal amount of outstanding series I notes will be $400 million. The series I notes are rated BBB+.

The series M and series I notes rank pari passu with the company’s other existing unsecured debt.

Net proceeds will be used to repay at maturity Eversource's $150 million senior unsecured notes, series G, due Jan. 15, 2018, to repay at maturity its $300 million senior unsecured notes, series E, due May 1, 2018 and to repay a portion of its outstanding short-term debt.

The long-term issuer default rating is BBB+/positive.

Fitch said the ratings largely reflect the relatively stable earnings and cash flow of the company's regulated electric and natural gas distribution utility subsidiaries: Connecticut Light & Power Co. (A-/stable), Nstar Electric Co. (A/stable), Nstar Gas Co. (A-/stable), Public Service Co. of New Hampshire (A-/stable) and Yankee Gas Services Co. (unrated).

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