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Long Island Power Authority, NY's Senior-Lien Bonds Affirmed at 'A-' Dec 03
Standard & Poors, December 2003
NEW YORK (Standard & Poor's) Dec. 29, 2003--Standard & Poor's Rating Services affirmed its 'A-' rating on Long Island Power Authority (LIPA), N.Y.'s senior-lien obligations, following Standard & Poor's regular surveillance. LIPA has $6.856 billion in debt outstanding. The outlook is negative, reflecting continuing turnover at the CFO position, the lack of a robust long-term capacity plan, and the potential for LIPA to acquire Keyspan assets later in 2004. To revise the outlook to stable, Standard & Poor's will require stability in the chief financial officer (CFO) position, demonstrated success with the fuel management program, and improvement on long-term supply margins for its service area. The 'A-' rating reflects the fact that revenues are stable due to the operation of...
Companies mentioned in this report are: Long Island Pwr Auth
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Research type: News
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Long Island Pwr Auth