U.S. Public Finance Report Card: Despite The Recession And Uncertainty Of Regulation, Electric Cooperative Utilities Maintain Good Credit Quality
- Language: English
- Published: April 2011
- Region: United States
Standard & Poor's Ratings Services has affirmed its 'A-' issuer credit rating on North Carolina Electric Membership Corp. (NCEMC). The outlook is stable. Raleigh, N.C.-based NCEMC is a generation and transmission (G&T) cooperative that produces and procures electricity for its 25 member distribution cooperatives and their nearly 945,000 retail customers. The large number of customers and their energy purchases place this utility among the top five G&T utilities measured by megawatt-hour sales. It reported almost $1.1 billion of operating revenues and nearly $1.2 billion of debt at fiscal year-end 2010 (Dec. 31). The rating reflects our views of the following credit factors: NCEMC projects strong and steady debt service coverage of about 1.4x through 2016, which is consistent with 2008-2010...
Companies mentioned in this report are: North Carolina Elec Membership Corp
Action: Outlook: Stable
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North Carolina Elec Membership Corp