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Bonneville Power Administration Energy Northwest Conservation and Renewable Energy Systems Portland, Oregon Lewis County Public Utility District Northern Wasco County People's Utility District Tacoma, Washington; Utility, Wholesale Elect
Standard & Poors, July 2002
Abstract
The 'AA-' rating on the Energy Northwest debt, secured by payments from the Bonneville Power Administration is affirmed despite a second year of declining cash flows at Bonneville. The 'AA-' rating reflects the following credit strengths: Legal payment of the $5.9 billion in Energy Northwest (formerly the Washington Public Power Supply System) obligations as an operating expense of Bonneville through the net billing agreements, which are senior to approximately $7 billion in outstanding Treasury debt and federal obligations. This offers bondholders the assurance of 2.0 times (x) coverage as long as sufficient revenues are collected to meet all debt obligations; Rate-setting authority in its existing contracts that should allow Bonneville to maintain over 2.2x coverage on the Energy Northwest debt,...
Companies mentioned in this report are: Bonneville Pwr Admin,Conservation and Renewable Energy Sys
Action: Affirmed
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
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