Fitch affirms Union Electric

Fitch Ratings said it affirmed Union Electric Co.'s long-term issuer default rating at BBB+, secured debt at A, senior unsecured debt at A-, junior subordinated debt at BBB, preferred stock at BBB, short-term issuer default rating at F2 and commercial paper at F2.

The outlook is stable.

The affirmation reflects the balanced rate decision issued by the Missouri Public Service Commission in May, as well as the beneficial impact of the return to full operation of the Noranda Aluminum Smelter, the company's largest customer, the agency said.

These factors should reverse the down trend in credit protection measures of the past several years and position Union Electric with credit quality measures comparable to its peer group, Fitch said.

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