S&P ups Oncor

Standard & Poor's said it raised the corporate credit and senior secured debt ratings on Oncor Electric Delivery Co. LLC to BBB+ from BBB- and removed the rating from CreditWatch with developing implications, where it was placed on Oct. 9, 2007.

The outlook is stable.

S&P said the upgrades reflect the decision of Energy Future Holdings Corp. (B-/stable), the indirect parent of Oncor, to sell 20% of Oncor to third parties.

The agency said it views the Oncor ownership structure as supporting credit quality, given the right of the new equity investors to prevent actions that could harm Oncor.

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