Fitch rates Con Edison notes A-

Fitch Ratings said it assigned an A- rating to Consolidated Edison Co. of New York, Inc.'s (Con Edison) dual-tranche issuance of $350 million 3.125% senior debentures due Nov. 15, 2027 and $350 million 4% senior debentures due Nov. 15, 2057.

The outlook is stable.

The new senior unsecured debentures will rank pari passu with Con Edison’s existing senior unsecured obligations.

Proceeds will be used for general corporate purposes, including the repayment of short-term debt.

The ratings reflect the predictable cash flows of its regulated electric and gas-delivery businesses, which benefit from full and timely recovery of fuel and commodity costs, Fitch said.

Various regulatory mechanisms support Con Edison’s long-term financial stability, including revenue decoupling, forward-looking test years and trackers for large operating expenses, the agency said.

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