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.
DALLAS (Business Wire EON) August 28, 2008 -- 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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