Fitch lifts Oncor notes to BBB

Fitch Ratings said it upgraded Oncor's senior notes and debentures to BBB from BBB-, including its $700 million 6 3/8% senior notes due 2012, $500 million 7% senior notes due 2032, $500 million 6 3/8% senior notes due 2015, $350 million 7¼% senior notes due 2033 and $800 million 7% debentures due 2022. The BBB- issuer default rating remains unchanged.

The outlook is stable.

On Friday, Oncor's unsecured notes became secured by a first lien on existing and future utility property because the notes benefit from a negative pledge, the agency said. Oncor executed a deed of trust security agreement for its $2 billion bank credit facility to perfect the bank facility security.

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