...Low-Risk Profile: OGE Energy Corp. (OGE) obtains approximately 80% of consolidated earnings from its regulated utility subsidiary Oklahoma Gas & Electric Company (OG&E, A/Stable). Earnings from its natural gas midstream segment, which represents investment in master limited partnership (MLP) Enable Midstream Partners, LP (Enable, BBB/Stable), contribute 20%. Challenging Midstream Segment: OGE's ratings reflect the operating risks at the commodity- sensitive midstream business Enable. Fitch Ratings' primary concern for Enable is the commodity and volume exposure associated with its gathering and processing segment, which accounted for approximately 58% of gross margin at the end of 2014. Though Enable is expected to make similar distribution to OGE in 2015 compared to 2014, OGE's share of 2015 earnings is estimated to be reduced to $70 million¡$80 million from $102 million in 2014. Environmental Projects' Recovery Uncertain: OG&E is required to comply with the EPA's Federal Implementation...
