S&P: Fortis unaffected

Standard & Poor's said its ratings on Fortis Inc. (BBB+/negative/--) would not be affected by the company's C$130 million equity offering announced today.

The funds raised are to be used to repay outstanding debt and for general corporate purposes.

Although the company's willingness to raise equity financing to pay down debt is a positive for the ratings, S&P said the impact on the company's financial profile is expected to be minimal.

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