Top credit ratings mean big wins for our customers. This week, S&P Global Ratings (Standard & Poor’s) and Moody’s have reaffirmed our strong credit ratings.
Many of our capital projects in our Five-Year Financial Plan will be funded through bonds, making this a positive development because a favorable “credit score” allows us to keep borrowing costs low, which supports competitive rates.
Standard & Poor’s rating is AA+ and Moody’s is Aa2. These ratings are high for the utility industry and highlight our strong financial position. Each rating agency also provides comments about the outlook. A stable outlook indicates a low likelihood of a rating change.
“The ratings are supported by Springs Utilities’ demonstrated operational and financial resilience in the face of rising – and occasionally unpredictable – costs across its four utilities,” stated S&P Global Ratings credit analyst Doug Snider in his report. He continued, “This is highlighted, in our view, by its track record of maintaining robust liquidity and fixed-charge coverage thanks to its dynamic and proactive rate-setting practices, strong operational performance, and high system reliability across its component utilities, even through extreme weather events.”
This above-average rating is a testimony to how our employees and the Utilities Board embrace anticipatory planning and programs that help maintain the financial health of the organization and manage customer costs.
