Moody’s Affirms Credit Rating for FMPA
High credit rating recognizes FMPA’s financial performance and competitive rates
ORLANDO, Fla., Feb. 12, 2016 – Moody’s Investor Services on Feb. 10 affirmed the A2 credit rating of the Florida Municipal Power Agency’s (FMPA) All-Requirements Project with a stable rating outlook.
Moody’s pointed to the “steady improvement in rate competitiveness and satisfactory financial performance, which is expected to continue,” of FMPA’s All-Requirement Project as part of the reason for the impressive A2 rating. Moody’s said its rating also incorporates, “the sound legal security and the underlying operating performance record of the project.”
The All-Requirements Project is FMPA’s largest power supply project. FMPA’s wholesale power costs to the 13 municipal utilities in the All-Requirements Project have decreased 30% since 2009.
“This high credit rating is great news for FMPA and our members around the state,” said FMPA General Manager and CEO Nicholas P. Guarriello. “It reflects the proactive steps that FMPA and its member cities have taken to continually enhance our rate competitiveness.”
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Florida Municipal Power Agency (FMPA) is a wholesale power company owned by 31 municipal electric utilities. FMPA provides economies of scale in power generation and related services to support community-owned electric utilities. The members of FMPA serve approximately two million Floridians.