Seminole Electric Cooperative Issuer Credit Rating Lowered To 'A-'; Outlook Stable
- ID: 1710571
- July 2005
- Standard & Poors
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Research type: News
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NEW YORK (Standard & Poor's) July 29, 2005--Standard & Poor's Ratings Services said today that it lowered its issuer credit rating on the Florida electric utility, Seminole Electric Cooperative, to 'A-' from 'A'. The outlook is stable. As of March 31, 2005, the Tampa, Fla.-based electric cooperative had about $705 million in total debt outstanding. "The rating action reflects the cooperative's weak financial projections despite implementation of its equity development plan," said Standard & Poor's credit analyst Jodi Hecht. "The plan only slightly improves projected debt service coverage that continues to be at the lower end of the rating expectations." The stable outlook on Seminole reflects continued strong growth and slight increases in wholesale rates. Rating stability also depends on...
Companies mentioned in this report are: Seminole Elec Coop