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Austin, Texas; Combined Utility; Retail Electric Jan 12
Standard & Poors, Jan 2012
Abstract
Standard & Poor's Ratings Services has affirmed its 'A+' long-term rating and underlying rating (SPUR) on Austin, Texas' separate-lien electric utility system revenue bonds. The outlook is positive. At the same time, Standard & Poor's affirmed its 'AA' SPUR rating and stable outlook on the city's prior first lien combined utility revenue bond. The ratings reflect our assessment of the general creditworthiness of the system (Austin Energy), which includes its: Diversified generation resource mix that consists of coal, gas, and efficient nuclear for base load; Competitive rates, even given the increase pending before city council, and a rate structure that also includes a separate cost-recovery component that allows Austin Energy to true-up for fuel costs or purchased-power costs; Strong liquidity,...
Companies mentioned in this report are: Austin
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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