Chelan County Public Utility District No. 1, WA Consolidated System Bond Rating Raised To #AA+# On Stronger Metrics

Stocks and Financial Services Press Releases Thursday May 17, 2018 09:23
SAN FRANCISCO--17 May--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) May 16, 2018--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA+' from 'AA' on Chelan County Public Utility District No. 1, Wash.'s various consolidated system revenue bonds.

We also raised our dual rating to 'AA+/A-1' from 'AA/A-1' on the district's series 2008B variable-rate bonds; these bonds are backed by a standby bond purchase agreement with MUFG Union Bank N.A., but is anticipated to be replaced by Barclays Bank PLC effective mid-June 2018. The outlook is stable.

"The rating action reflects our view of the district's rapidly declining leverage, maintenance of extremely strong fixed-charge coverage, and improving liquidity position," said S&P Global Ratings credit analyst Paul Dyson. The stable outlook reflects our assessment of Chelan's extremely low-cost power supply, substantially below prevailing market prices, and the financial flexibility that that provides, as well as its strong financial position and declining debt burden. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.

Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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