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Fitch Ratings affirms strength of New York Power Authority's credit

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Tue, Sep 25th 2018 04:10 pm
Fitch Ratings has affirmed strong credit on the New York Power Authority's electric revenue bonds, providing ratings among the highest given to public electric utilities. Fitch affirmed an AA rating for more than $800 million of NYPA long-term bonds and notes, as well as an F1+ rating for NYPA's commercial paper program.
"Fitch's affirmation of NYPA's bond ratings allows us to continue to access the capital markets and finance at low cost some of New York state's most impactful energy initiatives," said John R. Koelmel, NYPA chairman. "NYPA's strong credit is a continuing testament to the prudent fiscal and risk management of the authority's business and balance sheet by our outstanding leadership team and organization."
"NYPA's strong credit ratings are integral in allowing NYPA to carry out its mission of providing low-cost, clean, reliable power and innovative energy infrastructure and services to our customers," said Gil C. Quiniones, NYPA president and CEO. "We are appreciative to Fitch for the strong trust that they place in NYPA."
NYPA is currently investing in modernized transmission infrastructure, energy-efficiency and renewable energy projects, energy storage, and electric vehicle charging infrastructure. Due to NYPA's high credit rating, its investments can be financed at lower costs, benefiting electric customers across the state and reducing greenhouse gas emissions.

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