Fitch Rates NYSEG's $100MM Unsecured Notes.NEW YORK -- Fitch has assigned a 'BBB+' rating to New York State Electric & Gas Corporation's (NYSEG NYSEG New York State Electric & Gas (utility) ) $100 million 5.65% senior unsecured notes due 2016. The net proceeds from the offering will be used to refinance a $25 million New York State Energy Research and Development Authority The New York State Energy Research and Development Authority (NYSERDA) is a public benefit corporation that was created by the New York State Legislature in 1975. The purpose of the NYSERDA is to provide funding for the research of energy development. (NYSERDA NYSERDA New York State Energy Research and Development Authority ) 5.9% pollution control note maturing on Dec. 1, 2006, pre-fund the $77 million customer refund mandated in NYSEG's recent electric rate case, and for general corporate purposes. The Rating Outlook is Negative. For additional information on NYSEG's ratings, please see the Fitch press release titled 'Fitch Revises NYSEG's Outlook to Negative After Rate Order', dated Aug. 24, 2006. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion