Benton PUD’s electric revenue bond rating was upgraded by Fitch Ratings. The rating agency assigned an ‘AA-’ rating with a stable outlook. This was an upgrade from Fitch’s previous rating of ‘A+’. Benton PUD also maintains its Aa3 rating with Moody’s Investor Services, and A+ rating from S&P Global Ratings.
“Benton PUD now has the highest bond ratings in its history,” said Jon Meyer, Director of Finance & Business Services. “The higher bond rating enables Benton PUD to issues bonds for a lower interest rate, thereby, lowering our borrowing costs. While we currently have no immediate plans to issue new bonds, the higher rating demonstrates that Benton PUD is better positioned to navigate through volatile or adverse conditions.”
Fitch Ratings attributed the upgrade to Benton PUD’s strong financial profile, low operating and maintenance costs and ample rate flexibility.
“Strong financial policies have resulted in building a financially sound utility while keeping our average monthly bills lower than average as compared to other utilities in the region,” said Jeff Hall, Benton PUD Commissioner. “Our bond ratings validate our goal of preserving public trust through stewardship of our assets.”
The Fitch Ratings report on Benton PUD can be viewed at bentonpud.org.
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