Fitch rates Eversource notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Eversource Energy's $900 million issuance of senior unsecured notes.

Eversource's debt issuance is composed of two tranches: the series N due Dec. 1, 2023 and the series O due April 1, 2029.

The notes rank pari passu with Eversource's other existing senior unsecured debt, Fitch said.

The proceeds will be used to repay Eversource's commercial-paper borrowings and for other general corporate purposes, Fitch said.

The company has a long-term issuer default rating of BBB+ and a positive outlook.

The ratings reflect the consolidated strength of the company's regulated electric, natural gas and water utility subsidiaries, Fitch explained.

The positive outlook considers the company's link to Northern Pass Transmission, Eversource's large electric transmission project and expectations for stronger financial metrics, the agency said.

Eversource maintains a conservative business model and has low risk, regulated operations that generate relatively stable and predictable earnings and cash flow, Fitch said.

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