Fitch Ratings last week upgraded the Piedmont Municipal Power Agency to BBB-plus from BBB, affecting $1.2 billion of electric revenue bonds.

Fitch analysts cited an increased value for nuclear power versus less environmentally friendly sources of fuel, consistently good operating performance, and favorable production costs. PMPA has good liquidity, which is bolstered by a sizeable rate stabilization fund. Service area characteristics remain below average, but continue to improve, aided by solid customer growth and a broadening out of local industries, according to Fitch.

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