Consolidated Edison Inc

| June 11, 2016

Question
Consolidated Edison Inc. (Ticker: ED) has an A- long-term credit rating from Standard & Poors,
and a 50% net debt to capitalization ratio. ED is a regulated electric utility serving the New York
metropolitan area. Newmont Mining Corp. (Ticker: NEM) has a BBB+ long-term credit rating
from Standard & Poors (a small difference from the rating on ED), and a 9% net debt to
capitalization ratio, substantially lower than EDs. NEM is a global mining company. Discuss
the factors that may explain the similarity in credit quality but large differences in financial
leverage.
Summary information on each company can be found at either finance.yahoo.com (use the
ticker symbol provided above for each company;

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