12 Jun
Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of CORE Electric Cooperative (CORE) at ‘AA-‘, with a Stable outlook. ‘AA-‘ is in the highest public rating tier achieved for electric distribution cooperatives rated by Fitch Ratings.
“The ‘AA-‘ IDR reflects CORE’s very strong financial profile in the context of a rapidly growing and diverse retail customer base, very strong revenue defensibility characteristics, very low but increasing operating costs, a diverse supply of energy, and a manageable capital plan,” stated Fitch Ratings in its report.
Highlights of the credit report include:
• Strong revenue defensibility with a diverse and economically sound service area
• Very strong rate flexibility with the independent ability to set rates, which Fitch considers very affordable
• Low but growing operating cost burden with diverse power supply resources
• Manageable capital planning and management needs
• Improved liquidity profile from ‘weaker’ to ‘neutral’
“We are very pleased with and proud of this credit rating affirmation,” said CORE’s Chief Executive Officer Pam Feuerstein. “CORE is committed to serving our communities as responsible stewards of their assets.”
The detailed credit rating summary can be found at: Fitch Affirms CORE Electric Cooperative’s IDR at ‘AA-‘; Outlook Stable