Bangkok--27 Jan--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to Platte River Power Authority (PRPA), Colo.'s $120 million senior-lien power revenue bonds series HH and affirmed its ratings on PRPA's outstanding senior- and subordinate-lien bonds at 'AA' and 'AA-', respectively. The outlook is stable.
"The ratings reflect PRPA's continued strong historical and projected debt service coverage at no less than 1.7x and maintenance of very strong liquidity when including available dedicated reserves," said Standard & Poor's credit analyst Paul Dyson. "Also, PRPA's management has implemented prudent procedures to manage risk and has signed long-term contracts with its largest customers even in the absence of any meaningful deregulation initiative."
PRPA has sufficient transmission access and numerous interconnections within the state, although additional capacity and reliability is needed and is being addressed with the 2009 bond proceeds.
PRPA was established as a power authority in 1975 to supply wholesale energy and transmission services to the cities of Fort Collins, Longmont, Loveland, and Estes Park.
Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Edward Sweeney, New York (1) 212-438-6643, [email protected]
Analyst Contacts:
Paul Dyson, San Francisco (1) 415-371-5079
Peter V Murphy, New York (1) 212-438-2065
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]