Summary: South Carolina Pub Svc Auth; Utility, CP; Utility, Wholesale Electric Jan 05

Standard & Poors, January 2005

Abstract
On Jan. 21, 2005, Standard & Poor's Ratings Services assigned its 'AA-' rating to the South Carolina Public Service Authority's (Santee Cooper) proposed $260 million 2005 refunding series B revenue obligations. The bonds, which mature in 2023, are issued to refund a portion of Santee Cooper's existing debt. The ratings on Santee Cooper reflect the following strengths: A strong competitive position characterized by efficient operations, low-fixed costs, and reasonable systemwide load factors. Santee Cooper's substantial coal fired generation (55% of total capacity; 75% of total energy) contributes to wholesale rates that are competitive and below those of both the state and the national averages, providing existing customers with little incentive to switch electricity suppliers. The utility's long-term contracts with wholesale...

Companies mentioned in this report are: South Carolina Pub Svc Auth
Action: New Rating

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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.

South Carolina Pub Svc Auth

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