Summary: Old Dominion Electric Cooperative, Virginia Halifax County Industrial Development Authority; Rural Electric Coop Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services has affirmed its 'A' issuer credit rating (ICR) on Old Dominion Electric Cooperative (ODEC), Va. At the same time, Standard & Poor's affirmed its 'A' rating on debt issued by ODEC and Halifax County Industrial Development Authority on the utility's behalf. The outlook is stable. While we do not rate the utility's privately placed debt, we factor these debt balances in our assessments of ODEC's credit quality. Our assessment of these factors supports the rating: ODEC's accrual debt service coverage (DSC) was strong at 1.5x in 2009 and 1.6x in 2010, but this figure cannot be compared directly with those of other cooperatives because before June 2011, nearly 40% of debt had nonamortizing bullet maturities...

Companies mentioned in this report are: Old Dominion Elec Coop,Halifax Cnty Indl Dev Auth
Action: Affirmed
Action: Outlook: Stable

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.

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.

Old Dominion Elec Coop,Halifax Cnty Indl Dev Auth

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