Fitch affirms Scana

Fitch Ratings said it affirmed the BBB+ issuer default ratings and all instrument ratings of Scana Corp. and its regulated subsidiaries South Carolina Electric and Gas Co. and Public Service Co. of North Carolina.

The agency affirmed Scana's long-term issuer default rating at BBB+, senior unsecured debt at BBB+, junior subordinated notes at BBB-, short-term issuer default rating at F2 and commercial-paper rating at F2.

South Carolina Electric's long-term issuer default rating was affirmed at BBB+, first mortgage bonds at A, senior unsecured debt at A-, short-term issuer default rating at F2 and commercial-paper rating at F2.

Public Service Co.'s long-term issuer default rating was affirmed at BBB+, senior unsecured debt at A-, short-term issuer default rating at F2 and commercial-paper rating at F2.

The outlook is stable.

The ratings reflect the group's predictable utility earnings, Fitch said.

Each of the utilities operates with fuel recovery and weather normalization adjustment mechanisms that limit commodity price exposure and volumetric risk and consequently reduce business risk, the agency said.

The ratings also consider the substantial financial commitment of South Carolina Electric's plan to construct two nuclear units for service in 2017 and 2018, Fitch said.

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