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Fitch gives Duke Energy debentures BBB-
Fitch Ratings said it assigned a BBB- rating to Duke Energy Corp.'s $500 million of 5.625% junior subordinated debentures due Sept. 15, 2078.
The debentures are unsecured obligations and will rank subordinate and junior in right of payment to all Duke's current and future senior debt, the agency said.
The debentures will rank equal in right of payment to Duke's existing junior subordinated debentures and any other pari passu subordinated debt that Duke may incur in the future.
Net proceeds will be used to repay a portion of Duke's outstanding commercial paper and for general corporate purposes.
Fitch said that Duke's BBB+ long-term issuer default rating and stable outlook primarily reflect the strength of the company’s relatively low-risk regulated utility operations, which account for greater than 95% of Duke's consolidated operating income and EBITDA.
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