Fitch rates Virginia Electric notes A-

Fitch Ratings said it assigned an A- rating to Virginia Electric and Power Co.'s $585 million issuance of series D 4.65% senior unsecured notes due Aug. 15, 2043.

The proceeds will be used for the repayment of short-term borrowings and general corporate purposes.

The notes will rank on parity in right of payment with all the existing and senior unsecured debt and will be senior in right of payment to all the existing and future subordinated debt, Fitch said.

The outlook is stable.

The ratings reflect the company's strong financial metrics, balanced regulatory treatment, sufficient liquidity and manageable funding needs, the agency said.

The ratings also consider that the company's capital expenditures will be elevated over the next several years as it executes a growth plan focused largely on new generation and electric transmission, Fitch said.

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