Fitch assigned a 'BBB+' rating with Rating Watch Positive to Dominion Energy's proposed senior unsecured notes. The rating reflects the expected guarantee from NextEra after the merger closes, which Fitch assumes by July 1, 2027. Fitch sees moderate approval risk, with Virginia hearings in early November and a final order due Jan. 11, 2027. Standalone, Dominion has no headroom versus the 5.0x FFO leverage downgrade threshold, partly due to CVOW cost overruns.
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