Moody’s and Fitch Give FMPA Two Thumbs Up with Credit Ratings
High credit ratings are great news for FMPA and its municipal utilities around the state
ORLANDO, Fla., July 6, 2015 – Two of the leading investment voices in the country both gave high credit ratings last month to the Florida Municipal Power Agency’s (FMPA) projects.
- Moody’s Investor Service has affirmed the A2 credit rating of FMPA’s All-Requirements Project with a stable rating outlook.
- Fitch Ratings assigned to four FMPA power supply projects a rating of A+.
Moody’s pointed to the “sound legal security and underlying operating performance record” of FMPA’s All-Requirement Project as part of the reason for the impressive A2 rating. Moody’s also recognized FMPA for providing “well-established services to its members, including activities to strengthen transmission system capability and resource adequacy.”
Both the ratings from Fitch and Moody’s pointed to the stable nature of FMPA and its operations. Moody’s attributed the stable outlook to “the important interlocal role the agency plays.” Fitch also commented on FMPA’s power projects by saying their A+ rating “reflects strong contractual obligations and the generally sound credit quality of participating [FMPA] members.”
“These high credit ratings are great news for FMPA and our members around the state,” said FMPA Board Chairman Bill Conrad. “This recognition from Moody’s and Fitch shows once again that we are on the right path, a path that continues to benefit our power customers in the communities we serve.”
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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.