Eugene, Oregon Eugene Water & Electric Board; Retail Electric May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned a 'AA-' rating to Eugene Water and Electric Board (EWEB), Ore.'s electric utility system revenue bonds series 2011A and 2011B. In addition, we affirmed our 'AA-' long-term rating and 'AA-' underlying rating (SPUR) on EWEB's $206 million in electric system revenue bonds outstanding. The outlook is stable. We understand that bond proceeds will fund a variety of capital improvements and will refinance the series 1998A and 2001B bonds. The rating reflects the following, which we view as credit strengths: A strong liquidity position, with $81 million or 155 days' cash as of Dec. 31, 2010; Continued conservatism in EWEB's forecast assumptions and risk management practices, including contracts with top customers that are structured to...

Companies mentioned in this report are: Eugene Wtr & Elec Brd,Eugene
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.

Research Type: Full Analysis

Eugene Wtr & Elec Brd,Eugene

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