Fitch changes ConEd view to negative

Fitch Ratings said it changed the outlooks for Consolidated Edison, Inc. and its regulated utility subsidiaries Consolidated Edison Co. of New York, Inc., Orange & Rockland Utilities, Inc. and Rockland Electric Co. to negative from stable.

The outlook revision reflects Fitch's view that Consolidated Edison’s service territory has been severely affected by the coronavirus, and as such, Consolidated Edison’s and major subsidiary Consolidated Edison Co. of New York's credit metrics are likely to weaken.

Of particular concern is the revenue impact from lower kilowatt-hours sales and escalation of bad debt expense, especially in light of Governor Cuomo's executive order to "stay at home" and the resultant shuttering of non-essential commercial businesses.

Fitch affirmed all of the issuer and debt ratings.

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