Fitch flips ConEd, units to stable

Fitch Ratings said it changed the outlooks for Consolidated Edison, Inc. (ED) and its regulated utility subsidiaries Consolidated Edison Co. of New York, Inc. (Cecony), Orange & Rockland Utilities, Inc. (ORU) and Rockland Electric Co. (RECO) to stable from negative and affirmed their ratings at BBB+.

“The outlook revision reflects significant improvement in ED and its subsidiaries' post-pandemic credit metrics and Fitch's expectation for a constructive outcome in Cecony's 2023 rate case. Fitch notes that a deterioration in the New York regulatory environment would likely result in negative rating actions,” the agency said in a press release.

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