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Fitch rates Xcel notes BBB
Fitch Ratings said it assigned a BBB rating to Xcel Energy Inc.'s $400 million 7.6% junior subordinated notes due Jan. 16, 2068.
The outlook is stable.
Proceeds from the issuance will be used to fund equity investments of up to $150 million in one or more of Xcel' s subsidiaries. The remaining proceeds will be used to repay commercial paper.
The agency said Xcel's BBB+ issuer default rating reflects the strong underlying cash flows from its regulated utilities, which are growing as a result of strong electric demand growth in Minnesota and Colorado; electric and gas base rate increases and various regulatory mechanisms that allow enhanced recovery of capital spending; the success of its growth strategy, which is focused on growing the rate base with support from regulators; and the company's conservative capital structures at the operating utility level.
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