Fitch gives WEC notes BBB+

Fitch Ratings said it assigned a BBB+ rating to WEC Energy Group, Inc.'s issuance of $600 million senior unsecured notes due June 15, 2021.

The outlook is stable.

The new senior unsecured notes will rank pari passu with WEC's existing senior unsecured obligations.

Net proceeds will be used to repay short-term debt, redeem at maturity $300 million 1.65% senior notes due June 15, 2018, and for working capital and other general corporate purposes.

“WEC's credit profile is supported by the earnings and cash flow diversity provided by the ownership of multi-state electric and gas regulated utilities that operate under relatively constructive regulatory regimes,” Fitch said in a news release.

“WEC's ratings also reflect relatively high parent leverage, a sizable consolidated capex program through 2022 and pressured credit metrics in the near- to intermediate-term.”

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