Fitch rates WGL notes A-

Fitch Ratings said it assigned an A- rating to WGL Holdings Inc.'s $250 million two-year floating-rate notes.

The unsecured notes mature in 2020 and rank pari passu with existing senior unsecured debt.

Proceeds will be used to pay down short-term borrowings and for general corporate purposes.

WGL remains on rating watch negative.

Fitch said the ratings and negative watch reflects the proposed acquisition of WGL by AltaGas Ltd. for $6.4 billion, as well as pressure on the company's credit metrics and business risk profile, driven by its large capex program and anticipated nonutility business growth.

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