Fitch rates Consolidated Edison notes A-

Fitch Ratings said it assigned an A- rating to Consolidated Edison Co. of New York, Inc.'s (Cecony) issuance of $700 million of 4.125% senior debentures due May 15, 2049.

The outlook is stable.

The new senior unsecured debentures will rank pari passu with Cecony's existing senior unsecured obligations, Fitch said.

The proceeds will be used for general corporate purposes, including the repayment of short-term debt bearing interest at variable rates, the agency said.

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

Various regulatory mechanisms support Cecony'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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