| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for PECO Energy Co. > News item |
Fitch ups Constellation, affirms Exelon
Fitch Ratings said it affirmed the BBB+ issuer default rating of Exelon Corp. and the ratings of each of its existing operating subsidiaries, including the newly acquired Baltimore Gas and Electric Co.
The agency upgraded Constellation Energy Group's senior unsecured debt to BBB+ from BBB- and junior subordinated notes to BBB- from BB.
The agency affirmed Exelon Generation Co., LLC's issuer default rating at BBB+ and commercial paper at F2; Commonwealth Edison Co.'s issuer default rating at BBB-, first mortgage bonds at BBB+, senior unsecured debt at BBB, preferred stock to at BB+ and commercial paper at F3; ComEd Financing Trust III's preferred stock at BB+; and PECO Energy Co.'s issuer default rating at BBB+, first mortgage bonds at A, secured pollution control bonds at A, senior unsecured debt at A-, preferred stock at BBB and commercial paper at F2.
The outlook is stable.
The affirmations follow the closing of the merger between Exelon and Constellation Energy Group, Inc., according to the agency.
The upgrade reflects the assumption of Constellation's publicly traded debt and bank credit facility following an internal restructuring that includes an upstream merger with Exelon, which will be responsible for Constellation's debt obligations, the agency said.
Constellation's BBB- long-term issuer default rating and F3 commercial paper ratings were withdrawn.
The ratings reflect solid consolidated financial position, the agency said, with a pro forma debt-to-EBITDA ratio of 2.6x for the combined company. In 2012 the ratio is expected to be about 2.75x.
The ratings of regulated subsidiaries Commonwealth Edison Co., PECO Energy Co. and Baltimore Gas and Electric Co. are unaffected by the proposed merger.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.