Fitch Rates Consolidated Edison Company of New York's $500MM Debs 'A+'; Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned an 'A+' rating to Consolidated Edison Company of New York's (CECONY) new debentures, comprised of $250 million 5.30% (series 2006D) due December 1, 2016 and $250 million 5.70% (series 2006E) due December 1, 2036. Both issues will rank equally with CECONY's existing senior unsecured obligations. CECONY does not have any secured mortgage bonds ranking ahead of these senior unsecured debentures; consistent with other debentures issued by CECONY under the same indenture, covenant protections for investors are very light. The proceeds of the issuance will be used to repay short term debt and for general corporate purposes including funding CECONY's capital investments in new utility property. The Rating Outlook is Stable. CECONY is a regulated utility subsidiary of Consolidated Edison, Inc. that provides electric service in all of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. (except parts of Queens) and most of Westchester County. With approximately a 660-square-mile service area, and a population of more than 8 million, CECONY also provides gas service in Manhattan, the Bronx, and parts of Queens and Westchester and steam service in parts of Manhattan. CECONY's parent and sole owner is Consolidated Edison, Inc. (senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rated 'A' by Fitch). 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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