S&P: Grand River Dam Authority, OK Revenue Bond Rating Raised To 'AA-' On Improved Financial Metrics
"The rating action reflects our view of GRDA's improving financial metrics, including fixed-charge coverage and liquidity, lack of additional bond issuance plans, and declining reliance on coal-fired generation," said S&P Global Ratings credit analyst Paul Dyson.
The bond proceeds will be used to advance refund GRDA's series 2008A and 2010A bonds for savings, and to refinance into fixed-rate mode GRDA's $65 million series 2014C variable-rate bonds to reduce interest rate volatility exposure.
The stable outlook reflects our view of GRDA's improved credit metrics that have resulted from improved cash flow as a result of lower debt service in recent years, coupled with GRDA's lack of additional bond issuance plans or generation needs for the next several years.
Комментарии