The Guam Power Authority ended up getting a split decision from the ratings agencies.
Last Thursday, Fitch Ratings upgraded the authority’s senior revenue bond rating to BBB-minus from BB-plus, assigning a stable outlook at the new, investment-grade rating.
Moody’s Investors Service took a different tack Monday, not only affirming the GPA’s speculative-grade Ba1 rating, but also changing its outlook to stable from positive.
The authority already had an investment-grade rating from Standard & Poor’s, and was buoyed in late May by a further upgrade to BBB from BBB-minus.
The GPA is planning a bond issue in the $230 million range. It will include a subordinate series; all three rating agencies assigned the subordinate debt a rating one notch lower than they assigned to the senior debt.
