Fitch cuts OG&E

Fitch Ratings said it downgraded the issuer default rating of Oklahoma Gas & Electric Co. (OG&E) to A from A+ and affirmed the A issuer default rating of OGE Energy Corp. and BBB issuer default rating of Enogex LLC.

The outlook is stable.

The one-notch downgrade is driven by downward-trending credit metrics at the utility as it continues with a capital expenditure program that is significantly higher than the historical norm, Fitch said.

While evaluating the ratings, the agency acknowledged the positive regulatory environment that the utility enjoys, the diversity and size of capital projects being undertaken and the constructive regulatory mechanisms for recovery on those projects.

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