Thursday October 9, 4:41 pm ET CHICAGO--(BUSINESS WIRE)--Fitch Ratings has assigned a rating of 'A-' to Detroit Edison Company's (DECo) $250 million issuance of 6.40% senior notes, series J, due Oct. 1, 2013. Proceeds from the sale will be used to repay short-term debt and for general corporate purposes. The Rating Outlook is Stable. The senior notes will be issued under a supplemental indenture, and will be secured by the pledge of a like amount of DECo's first mortgage bonds (FMBs; rated 'A-' by Fitch). The indenture provides for the release of the collateral when there is less than 5% of DECo's net tangible assets or 5% of net capitalization in FMBs outstanding other than those securing senior notes. Currently, DECo has $885 million of outstanding FMBs not subject to release provisions. Of this amount, $643 million of...
[read full story]
Your Web Site
