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Virgin Islands Water and Power Authority; Retail Electric Jan 12 Product Image

Virgin Islands Water and Power Authority; Retail Electric Jan 12

  • Published: January 2012
  • Region: Virgin Islands
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services has assigned its 'BBB-' rating to Virgin Islands Water and Power Authority's (WAPA) electric system revenue bonds, series 2012A, 2012B, and 2012C. At the same time, Standard & Poor's affirmed its 'BBB-' rating on WAPA's debt outstanding. The outlook is stable. Net electric system revenues secure the bonds. The 'BBB-' rating reflects our assessment of the following factors, which we view as credit weaknesses: High dependence on a single fuel type (oil), which we believe results in volatile rates and vulnerability to price spikes; High leverage, due in part to a $40 million deficit financing linked to high oil prices the past three years that reduced debt service coverage (DSC) levels; A low cash position,...

Companies mentioned in this report are: Virgin Islands Wtr & Pwr Auth
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 READ MORE >

Virgin Islands Wtr & Pwr Auth

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