Summary: Chelan County Public Utility District No.1, Washington; Retail Electric; Wholesale Electric Feb 08

Standard & Poors, February 2008

Abstract
Standard & Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Chelan County Public Utility District No. 1, Wash.'s series 2008A consolidated system revenue bonds (subordinate lien). At the same time, Standard & Poor's affirmed its 'AA' long-term rating and 'AA' underlying rating (SPUR), with a stable outlook, on Chelan's existing bonds. The series 2008A bonds are being sold in fixed-rate mode and are taxable, while an upcoming series 2008B bond issue will be sold as variable-rate demand bonds. The 'AA' rating reflects the strong business profile and modest financial risk of the district's consolidated system, which includes its electric, water, and wastewater utility; telecommunications unit; and the Lake Chelan hydroelectric project. The consolidated system is the ultimate...

Companies mentioned in this report are: Chelan Cnty Pub Util Dist #1
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

Chelan Cnty Pub Util Dist #1

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