Fitch rates Vepco notes A-

Fitch Ratings said it assigned an A- rating to Virginia Electric and Power Co.'s (Vepco) $450 million issuance of 2.95% 2012 series senior notes due 2022.

The outlook is stable.

The proceeds are expected to be used to reduce short-term debt balances, including about $894 million of commercial paper that was outstanding at Dec. 31, Fitch said.

The ratings are driven by the underlying strength and stability of the integrated utility's regulated operations, the agency said.

The ratings also consider the significant capital expenditure program currently underway, which will require external funding, Fitch said.

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