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Fitch affirms OGE Energy
Fitch Ratings said it affirmed OGE Energy's long-term issuer default rating at A, senior unsecured debt at A and short-term issuer default rating at F1, and Oklahoma Gas and Electric Co.'s long-term issuer default rating at A+, senior unsecured debt at AA- and short-term issuer default rating at F1.
The outlook is stable.
The affirmation reflects the stable cash flows from the company's utility operations and positive earnings and cash flow generation from its Enogex LLC (BBB/stable) subsidiary, according to the agency.
Oklahoma Gas' ratings are supported by the strong financial position and the low business risk of its integrated electric utility operations, the relative resiliency of the economy in its service territory and a constructive regulatory environment, the agency said.
OG&E's debt-to-EBITDA ratio is expected to be 3.1x in 2009 and 2.9x in 2010.
OGE Energy's ratings reflect the continued financial stability at OG&E as well as the higher risk nature of the non-regulated business activities of Enogex, the agency noted.
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