TXU Corp. $150M Pfd Trust Rated 'BBB-' by Fitch IBCA.NEW YORK--(BUSINESS WIRE)--Dec. 9, 1999-- Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals assigns its 'BBB- ' rating to TXU TXU Texas Utilities (Electric and Gas Company) TXU Transmitter Unit Corp.'s (TXU) $150 million of trust originated preferred trust securities (TOPrS), to be issued by TXU Capital II. Also, Fitch IBCA affirms its `BBB-` rating on outstanding preferred trust securities issued by TXU Capital I. The 'BBB' rating on TXU's outstanding senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. , FELINE feline of, or pertaining to, members of the family Felidae. See also cat. feline agranulocytosis see feline panleukopenia (below). feline actinic dermatitis see solar dermatitis. Income and Growth PRIDES are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. . Also affirmed are the 'BBB/F2' and 'F2' ratings on TXU's outstanding floating rate senior notes and commercial paper, respectively. Proceeds received by TXU Capital II from the sale preferred trust securities will be used to purchase junior subordinate debentures of TXU. The sole source of cash distributions on the trust preferred securities will be cash flow derived from TXU payments of principal and interest on the junior subordinate debentures. TXU will use such proceed to repay short term debt, including outstanding commercial paper. TXU (formerly Texas Utilities Co.) is a holding company that owns four major subsidiaries in the U.S. and abroad, engaging in generation, transmission, and distribution of energy; processing, transmission and distribution of natural gas; and energy marketing, telecommunications, power development and other businesses. TXU has assets of over $41 billion and a consolidated customer base of more than nine million. TXU has no business or assets other than the stock ownership of its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . TXU Electric is the largest operating subsidiary and the other subsidiaries are: TXU Gas Co., TXU Europe Group, plc., and TXU Australia Holdings. Fitch IBCA rates the subsidiaries as follows: TXU Electric: senior secured debt 'A-`; TXU Gas Co.: senior notes at 'BBB'; Eastern Energy Ltd: unsecured senior notes at 'A-` RatingAlert-Negative.' |
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