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Fitch Rates Atlantic City Electric's First Mortgage Bonds 'A-'; Outlook Stable
10 OCT 2018 05:18 PM ET
Fitch Ratings-New York-10 October 2018: Fitch Ratings has assigned an 'A-' rating to Atlantic City Electric Co.'s (ACE) $350 million offering of first mortgage bonds due 2028. The Rating Outlook is Stable. A portion of the net proceeds will be used to refinance the $250 million outstanding principal amount of the 7.75% first mortgage bonds, due Nov. 15, 2018. The remainder will be used to repay a short-term borrowings and for general corporate purposes.