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Baltimore Gas & Electric's $300 Million Notes Rated 'A'; On Watch Negative Dec 01
Standard & Poors, Dec 2001
Abstract
NEW YORK (Standard & Poor's) Dec. 11, 2001-Standard & Poor's today assigned its single-'A' rating to Baltimore Gas & Electric Co.'s (BGE) $300 million senior unsecured notes issued under Rule 144A with registration rights, and placed it on CreditWatch with negative implications. BGE is the regulated subsidiary of Constellation Energy Group Inc. The CreditWatch listing reflects Constellation's October 2001 announcement that it has abandoned its plan to separate its regulated distribution company from its nonregulated generation and trading businesses. This was to have been accomplished through the creation of independent, stand-alone companies. Also reflected is the utility's substantial debt burden. Historically, most of Constellation's earnings came from BGE. Beginning in October 2000, Constellation took several significant steps toward implementing the...
Companies mentioned in this report are: Baltimore Gas & Electric Co.,Constellation Energy Group Inc.,Allegheny Energy Supply Co. LLC
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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