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Credit Rating

FMPA’s power supply projects have been reviewed by two respected credit rating agencies, Fitch Ratings and Moody’s Investors Service, to provide independent verification of creditworthiness. Credit ratings by Fitch and Moody’s reflect only the reviews of the rating agencies. Explanations of the significance of respective ratings and any outlooks or statements given should be obtained from the rating agencies.

Generally, each rating agency bases its rating and outlook, if any, on the information and materials furnished to it and on its own investigations, studies and assumptions. There is no assurance ratings will continue for a given period of time or that they will be upgraded, downgraded or withdrawn entirely by any of the rating agencies, if, in the judgment of such rating agency or agencies, circumstances so warrant. Those circumstances may include, among other things, changes in or unavailability of information relating to FMPA or the offered securities. Any such downgrade or withdrawal of ratings may have an adverse effect on the market price of offered securities.

Recent ratings are shown below

FMPA Power Supply Projects
Fitch
Moody’s
All-Requirements Project
AA-, Stable 1
A2, Stable 1
St. Lucie Project
A, Negative 2
A2, Stable 3
Stanton Project
NA 5
NA 5
Stanton II Project
A+, Stable 4
A1, Stable 3
Tri-City Project
NA 5
NA 5
Affirmed October 2019. Ratings subject to change.
2 Affirmed December 2019. Fitch revised its outlook from Stable. Rating subject to change.
3 Affirmed March 2018. Rating subject to change.
4 Affirmed December 2019. Fitch revised its outlook from Negative. Rating subject to change.
5 Project debt paid in full. Rating withdrawn in Oct. 2019.
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