Oklahoma Gas & Electric Co. Jan 05

Standard & Poors, January 2005

Abstract
Utility operations provide stable, recurring cash flows. Generally supportive regulatory environment results in stable cash flows for the utility. Deregulation has been delayed indefinitely. Consolidated financial leverage, though improving, remains high. The ratings on OGE Energy Corp. reflect a combination of the relatively lower-risk, efficient operations of its electric utility subsidiary, Oklahoma Gas & Electric Co. (OG&E), which currently provides about 75% of consolidated earnings and cash flow, and Enogex Inc., OGE Energy's unregulated gas gathering, transportation, and processing subsidiary, which possesses a higher business and financial risk profile. Over the intermediate term, management is targeting a 70%/30% split for the utility and nonregulated businesses, respectively. As of Sept. 30, 2004, Oklahoma City, Okla.-based OGE Energy had about $1.55 billion...

Companies mentioned in this report are: Oklahoma Gas & Electric Co.,Enogex LLC,Transok Inc.,Cinergy Corp.,DTE Energy Co.,OGE Energy Corp.,Alliant Energy Corp.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Oklahoma Gas & Electric Co.,Enogex LLC,Transok Inc.,Cinergy Corp.,DTE Energy Co.,OGE Energy Corp.,Alliant Energy Corp.

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