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Fitch gives Dominion Energy notes BBB+
Fitch Ratings said it assigned a BBB+ rating to Dominion Energy, Inc.'s offering of $300 million 2018 series B senior notes due 2028.
The outlook is stable.
Net proceeds will be used for general corporate purposes and to repay short-term debt, including commercial paper.
Fitch said Dominion Energy has announced a series of corporate actions, including a $1.5 billion equity issuance, non-core asset sales, and expected non-recourse financing of the Dominion Energy Cove Point facility.
The company's actions should remove uncertainty concerning its efforts to significantly reduce parent-level debt within the rating horizon.
Proceeds will be used to reduce parent-level debt to achieve the company's stated goal of significantly reducing Dominion Energy-level debt to 30% to 40% of total debt prior to its 2020 target, the agency explained.
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