AEP Texas Central's IDR affirmed at 'BBB'; outlook raised to stable - Fitch |
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Published
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Fri, 30 Nov 2007 06:41
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BANGALORE (Thomson Financial) - Fitch Ratings said it has affirmed AEP Texas Central's issuer default rating at 'BBB' and raised its outlook to stable from negative, following the reasonable outcome to the company's electric rate case in Texas.The agency said the rate increase, which totals 40.9 mln usd, is in line with its expectations and it now sees the company's credit metrics improving slightly in the near- to medium-term.The stable outlook reflects Fitch's expectation that AEP Texas will benefit from stable cash flows from its transmission and distribution businesses, and post credit fundamentals that are consistent with the 'BBB' rating.Fitch also affirmed the company's senior secured debt at 'A-', senior unsecured debt at 'BBB+' and preferred stock at 'BBB'.The company benefits from its affiliation with parent American Electric Power Co, which has a 'BBB' rating for its IDR and a stable outlook, Fitch said.TFN.newsdesk@thomson.comfaj/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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