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.

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