Lincoln Electric System, Nebraska; CP; Retail Electric Dec 11
Standard & Poors, December 2011
Abstract
Standard & Poor's affirmed its 'AA' rating on Lincoln Electric System (LES), Neb.'s revenue bonds. The outlook is stable. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the system's commercial paper (CP) program. The 'AA' rating reflects what we consider to be the following strengths: A diverse and low-cost generation portfolio, which includes coal-based resources; An economically strong and stable service area, which is anchored by state government and the University of Nebraska and has outperformed that of the nation during the past three years; and Competitive rates, despite recent modest rate increases including a 3.5% one for fiscal 2012. In our view, offsetting factors include exposure to coal as a fuel for a majority...
Companies mentioned in this report are: Lincoln Elec Sys,Nebraska Pub Pwr Dist,Lincoln,National Australia Bank Ltd.
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
Lincoln Elec Sys,Nebraska Pub Pwr Dist,Lincoln,National Australia Bank Ltd.
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