Fitch rates Oncor Electric notes BBB+

Fitch Ratings said it assigned a BBB+ rating/rating watch positive to Oncor Electric Delivery Co., LLC's $325 million 3.8% senior secured notes due 2047.

The agency placed Oncor on positive watch following the announcement by Sempra Energy (BBB+/stable) to acquire, along with a consortium of investors, 100% of the equity of reorganized Energy Future Holdings Corp. (EFH). EFH indirectly owns an 80% equity interest in Oncor.

Oncor plans to use the net proceeds to redeem a portion of the $324.4 million 5% senior secured notes due 2017, repay borrowings under the revolving credit facility, which totaled $1.156 billion as of June 30, 2017, and for general corporate purposes.

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