Fitch lowers Scana, subsidiaries

Fitch Ratings said it downgraded the issuer default ratings of Scana Corp. to BBB- from BBB+ as well as its subsidiaries, South Carolina Electric & Gas Co. (SCE&G) and Public Service Co. of North Carolina (PSNC), to BBB from BBB+.

The agency also downgraded the short-term rating for Scana to F3 from F2 and affirmed the short-term ratings for the other rated entities.

The outlooks are stable.

Fitch said the downgrades of Scana and SCE&G reflect projected credit metrics that are weaker than the agency previously expected and a delay in the expected financial recovery to 2019 from 2017.

The two-notch downgrade of Scana recognizes its subordinated position and lack of regulatory protections afforded the regulated utility.

The PSNC downgrade reflects the weaker rating of its parent.

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