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Fitch could cut Wisconsin Energy
Fitch Ratings said it placed the A- long-term issuer default rating and individual security ratings of Wisconsin Energy Corp. on Rating Watch Negative.
Wisconsin Energy’s short-term issuer default rating was affirmed at F2.
The agency also placed the ratings of Wisconsin Energy Capital Corp. on Rating Watch Negative. Wisconsin Energy Capital’s debt obligations are supported by an agreement with Wisconsin Energy. As such, Wisconsin Energy Capital’s ratings reflect the credit profile of Wisconsin Energy.
The actions follow Wisconsin Energy’s June 23 announcement to acquire Integrys Energy Group, Inc. for a total consideration of $9.1 billion including $3.3 billion of assumed debt. Fitch estimates the purchase price to equate 8.9x Integrys' 2013 EBITDA.
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