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Douglas County PUD confirms outstanding credit rating

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Douglas County PUD confirms outstanding credit rating

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July 25, 2012

(East Wenatchee, WA) Douglas County PUD is preparing for the sale of Electric Distribution System Revenue and Wells System Revenue Bonds on July 26th. The Distribution System bonds will raise new money for capital projects and allow the District to refinance some older debt for savings.  The Wells System bonds are entirely to refinance older debt for savings. In anticipation of the issuance, the District asked to be evaluated by Standard and Poor’s and Moody’s Investor Service.

Standard and Poor’s has informed the District that it has completed its recent evaluation of the District’s Distribution System and Wells Project and confirms the outstanding rating of AA for both systems.   “The confirmation of these ratings accurately reflects the financial performance of Douglas PUD as well as the utility’s ability to deliver benefits to Douglas County residents well into the future,” said Douglas PUD general manager Bill Dobbins.

Standard and Poor’s believes the credit rating outlook for the District’s Distribution System and Wells Project bonds is stable because of the District’s historical sound debt service coverage, good liquidity and low rates.

Moody’s Investors Service maintained the District’s Distribution System and Wells Project at Aa3. Moody’s evaluates the District on a consolidated basis.

“Standard and Poor’s and Moody’s confirming these ratings is a strong sign to investors of the strength of Douglas PUD bonds,” said Dobbins.

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