Summary: Seminole Elec Coop
Standard & Poors, May 2006
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abstract
The rating on the Florida electric utility Seminole Electric Cooperative reflects the following credit strengths: A strong capacity to meet financial obligations through take-or-pay all-requirements wholesale power agreements with the 10 member distribution cooperatives located throughout Florida. A primarily residential revenue stream, accounting for 70% of the distribution cooperatives' retail sales. Residential customers provide stable revenue and, due to their low load factors, are not attractive targets for alternative energy providers in a competitive environment. Solid historical growth in electric demand and energy sales averaging annual 2.3% and 3.0%, respectively, over the past three years. Below average wholesale energy rates, despite recent increases due to rising fuel costs. In addition, the member weighted average retail residential rates are slightly above...
Companies mentioned in this report are: Seminole Elec Coop
Action: Review
Seminole Elec Coop
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