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Fitch rates Washington Gas notes AA-
Fitch Ratings said it assigned an AA- rating to Washington Gas Light Co.'s pending issuance of $75 million of series J unsecured medium-term notes due December 2043.
Proceeds will be used to pay down short-term borrowings and for general corporate purposes.
The outlook is stable.
Fitch said the key rating drivers include constructive tariff mechanisms reduce regulatory lag; purchased gas cost recovery in all jurisdictions; infrastructure recovery mechanisms in Md. and Va.; modest customer growth of 1% annually; solid financial performance; and large capex program focused on distribution investments.
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