Fitch Affirms Constellation Energy & Baltimore Gas & Electric on Maryland Settlement.NEW YORK -- Fitch Ratings has affirmed the Issuer Default Rating (IDR IDRIn currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and other ratings of Constellation Energy Group, Inc. (CEG (Continuous Edge Graphics) A VGA RAMDAC chip from Edsun Labs that adds anti-aliasing on the fly. It can also calculate intermediate shades, thus providing thousands of colors on an 8-bit board that normally generates only 256 colors. ; 'BBB+') and Baltimore Gas and Electric Company (BGE BGE Baltimore Gas and Electric BGE Big Green Egg (grill) BGE Beyond Good and Evil (Nietzsche) BGE Busch Gardens Europe BGE Branch If Greater or Equal BGE Bacterial Growth Efficiency ; 'BBB+') and removed the ratings from Rating Watch Negative, upon the passage of legislation by the Maryland General Assembly The Maryland General Assembly is the state legislature of the U.S. state of Maryland. It is a bicameral body. The upper chamber, the Maryland State Senate, has 47 representatives and the lower chamber, the Maryland House of Delegates, has 141 representatives. approving the settlement between the two companies and the State of Maryland and the Maryland Public Service Commission. The governor of Maryland The Governor of Maryland heads the executive branch of the government of the U.S. state of Maryland and is commander-in-chief of the state's military forces. He or she is the highest ranking official in the state, and has a broad range of appointive powers in state and local supports the settlement and is expected to sign the legislation. Fitch had placed the companies on Rating Watch Negative on Feb. 1, 2008 after the political and regulatory environment became more contentious, which elevated the risk profile and operating environment for the two companies. In Fitch's view, the settlement resolves most of the outstanding legal and regulatory issues, and signals the potential for a more constructive regulatory and political environment going forward. The settlement will have a net cash impact on BGE of approximately $143 million, consisting of a $187 million refund offset by recovery of various costs totaling $44 million. While this places mild downward pressure on credit metrics, Fitch expects that they will remain within parameters for the current rating category. Fitch currently rates the companies as follows, with a Stable Outlook: Constellation Energy Group, Inc. --IDR 'BBB+'; --Short-term IDR 'F2'; --Senior unsecured notes 'BBB+'; --Commercial paper 'F2'. Baltimore Gas and Electric Company --IDR 'BBB+'; --Short-term IDR 'F2'; --First-mortgage bonds 'A'; --Unsecured notes and pollution control revenue bonds 'A-'; --Preferred stock 'BBB+'; --Commercial paper 'F2'. BGE Capital Trust II --Preferred stock 'BBB+'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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