Moody’s recently upgraded the Board of Public Utilities’ credit rating from A3 to A2, with a stable outlook, according to a BPU spokesman.
The upgrade reflects the utility’s successful management of environmental compliance standards and the change in BPU’s energy mix, with a lesser reliance on coal and more dependency on natural gas and other renewable energy sources including wind and solar, according to the spokesman.
Moody’s noted that BPU continues to report stable financial metrics, including coverage and liquidity, and that these metrics have remained stable despite the need for increased debt service in order to comply with new federal MATS environmental standards.
In addition, BPU was recently recognized with the Certificate of Achievement for Excellence in Financial Reporting Award from the Government Finance Officers Association (GFOA) for its accounting and financial reporting, and its comprehensive annual financial report.
“BPU is pleased with this recent credit rating upgrade, which acknowledges the utility’s diversification of its portfolio toward renewable energy, as well as our stable financial metrics,” stated Don Gray, general manager of BPU. “BPU has been meeting the electric and water needs of this community for more than 100 years, and we continue to position BPU to meet all of Wyandotte County’s utility needs well into the future.”
– Story from BPU