Fitch: OGE Energy unchanged

Fitch Ratings said OGE Energy Corp.'s agreement to sell an equity interest in Enogex LLC is modestly favorable to its credit profile but still within the company's current A issuer default rating and consistent with its stable outlook.

In addition, the sale of the equity interest will have no immediate impact on Enogex's BBB issuer default rating or stable outlook, the agency said.

OGE's ratings are supported by stable cash flows from the company's utility subsidiary, Oklahoma Gas and Electric and positive earnings and dividend distributions from Enogex, even as its interest in the midstream asset declines over the next few years, the agency said.

Ratings also reflect expectations that the $183 million cash infusion from ArcLight and possible additional equity funding in future years will provide financial flexibility, the agency noted.

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