Summary: Chelan Cnty Pub Util Dist No 1, WA; Revenue - Utility, Retail Electric Nov 99
Standard & Poors, November 1999
Abstract
The ratings reflect the following strengths: Production costs that are among the lowest in the country and are projected to remain at or below 15 mills even assuming critical water conditions on the Columbia River; Management's proactive development of a quantified fish mitigation plan; The district's ability to market excess energy outside of the district at market rates, which provides revenue flexibility; and Continued strong historical debt service coverage on all outstanding obligations. Credit concerns include weak legal provisions that lack an explicit flow of funds, provide for a projected additional bonds test, and allow the ability to use cash reserves to meet both the rate covenant and the additional bonds test. Bonds are secured by revenues of the consolidated...
Companies mentioned in this report are: Chelan Cnty Pub Util Dist #1
Action: New Rating
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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