Chelan County Public Utility District's revenue bonds will continue to be rated AA+ with a "stable" outlook by New York-based Fitch Ratings.
At the PUD commission meeting on Oct. 19, Debbie Litchfield, treasurer, told commissioners the firm reported the key factors leading to the rating included the district's "exceptionally" low-cost power resources; mitigation for wholesale market risks through its hedging program; strong financial performance and metrics; favorable debt reduction plan; and ample unrestricted cash reserves.
The utility earlier this year paid down $122 million in net debt, staying on track with its goal to bring down the PUD's debt ratio to under 35 percent by 2019. Debt ratio reflects the percentage of utility assets financed by debt.
Fitch affirmed the PUD's AA+ rating on Oct. 6.
In other business: Wednesday, October 28, 2015 More...