Bangkok--7 May--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA-' rating to Fort Collins, Colo.'s $9.8 million series 2010A tax-exempt electric utility enterprise revenue bonds and $6.5 million series 2010B taxable revenue bonds (direct-pay qualified energy conservation bonds).
"The rating reflects our view of the system's competitive rates, strong coverage of maximum annual debt service, and low debt," said Standard & Poor's credit analyst Paul Dyson.
The bonds are secured by net revenues of the City of Fort Collins' light and power fund and are being issued to fund the enterprise's Smart Grid Project. The project consists mainly of technological enhancements that management expects will enhance reliability and energy delivery through advance metering, grid automation, security enhancements, and demand response technologies designed to reduce demand by 5% by 2015.
Fort Collins is about 62 miles north of Denver, and is the seat of Larimer County. The system provides electricity to a customer base of about 64,750 accounts as of 2009.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Electric Utility Ratings, June 15, 2007
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Paul Dyson, San Francisco (1) 415-371-5079
Judith Waite, New York (1) 212-438-7677