...Oncor Electric Delivery Company's ratings and Outlook reflect its low business risk operating as a transmission and distribution (T&D) utility in Texas, robust sales growth and significant capital investments backed by constructive recovery mechanisms. Fitch Rating's expects Oncor's credit metrics in the next five years to be weak, primarily due to the effects of tax reform and large capex. The pending InfraREIT, Inc. acquisition will increase Oncor's regulated asset base that is offset by modestly higher leverage. The large capex programs are a source of concern, as they are susceptible to execution risks. Sempra Energy (BBB+/Stable) indirectly owns 80.25% of Oncor's equity interest and Texas Transmission Investment LLC (TTI) owns the remaining 19.75%. Sempra does not consolidate Oncor due to lack of control....
