Moody’s views Virginia Electric negatively

Moody's Investors Service said it affirmed Virginia Electric and Power Co.’s A2 senior unsecured rating and changed its outlook to negative from stable.

“The negative outlook on Vepco is attributed to the expected financial pressures and high execution risk associated with its construction of the Coastal Virginia Offshore Wind project (CVOW, a 2.6 gigawatts offshore wind farm expected to be fully completed by Dec. 31, 2026). While a 50% partner on CVOW will help mitigate Vepco's financial exposure to the project, newly announced higher capital spending for Vepco's other assets will temper this benefit,” Moody’s said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.