Fitch: Oncor unaffected

Fitch Ratings said Energy Future Holding's agreement to sell a 20% ownership interest in Oncor Electric Delivery Co., LLC will not affect ratings.

Ratings already reflect ring-fencing mechanisms put in place with the leveraged buyout of TXU Corp. by private investors on Oct. 10, 2007, which insulate Oncor effectively from the lower credit of its highly levered parent.

Fitch said effective ring fences combine meaningful regulatory orders, contractual limits in financing arrangements and appropriate management policies, and Oncor's arrangements already included mechanisms of all three types.

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