Credit rating agency Standard & Poor’s recently revised Old Dominion Electric Cooperative’s financial outlook from “stable” to “positive” and reaffirmed its ’A’’” issuer credit rating and ‘A’ rating on its rated utility bonds.
According to S&P, the outlook revision “reflects [ODEC’s] track record of consistently strong debt service coverage…, fixed charge coverage…, plausible projections indicating the potential to perpetuate these trends, the manageable debt additions related to the capital program, and a track record of regulatory decisions that are consistent with sound financial performance.”
“We have always been, and remain, dedicated to strengthening ODEC’s financial condition so that we can provide low-cost power for our member-owners,” said Bob Kees, ODEC’s senior vice president and CFO. Kees added, “ It’s extremely rewarding to receive this outlook revision which we see as an acknowledgement of years of hard work and consistent performance.”
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