Moody’s Upgrades Oncor’s
Credit Rating
Oncor Upgraded to Investment Grade
DALLAS (Business Wire EON/PRWEB ) August 28, 2008 --
Today, Moody’s Investors Service announced
that it upgraded Oncor Electric Delivery Company LLC’s
senior secured debt ratings one notch from Ba1 to Baa3.
Recently, it was announced that Oncor has entered into an agreement to
sell approximately 20 percent of Oncor’s
ownership interest to an investor group led by Borealis Infrastructure
Management and GIC Special Investments.
In their announcement, Moody’s indicated that
the sale and governance provisions that are expected to be incorporated
would further solidify Oncor’s separateness
from EFH and its other subsidiaries, which contributed to the new higher
rating.
Oncor is a regulated electric distribution and transmission business
that provides reliable electricity delivery to consumers. Oncor operates
the largest distribution and transmission system in Texas, providing
power to 3 million electric delivery points over more than 102,000 miles
of distribution and 14,000 miles of transmission lines. While Oncor is a
subsidiary of Energy Future Holdings Corp., Oncor is a
separate entity with a separate board that is comprised of a majority of
independent directors.
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