Fitch assigns Virginia Electric and Power notes A

Fitch Ratings said it assigned an A rating to Virginia Electric and Power Co.'s proposed dual tranche offering of 2015 series A senior notes due 2025 and 2045, respectively.

The outlook is stable.

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

The notes will rank equally with all other senior unsecured debt and will be senior in right of payment to all subordinated debt.

Fitch said key rating drivers include strong financial metrics, credit supportive regulatory environment in Virginia and North Carolina, large utility growth capex plan, favorable service territory demographics and sufficient liquidity.

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