Fitch: MidAmerican bonds A+

Fitch Ratings said it assigned an A+ rating to MidAmerican Energy Co.'s first mortgage bond issuance.

The proceeds from the debt issuance will be used to fund the company’s eligible green projects, Fitch said.

The outlook is stable.

The ratings are supported by the utility's low business risk profile, relatively predictable earnings and cash flows, constructive regulation, competitive rates and strong FFO-based coverage and leverage metrics, the agency said.

MidAmerican Energy is the largest owner of wind generation among U.S. utilities, driven by tax credits, supportive state regulation and diversification of its coal-heavy resource base, Fitch said.

The company’s focus on wind generation is credit-supportive and provides an economic, green energy resource to offset environmental exposure associated with the utility's coal-generating capacity, the agency said.

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