Fitch Ratings assigned a BBB-plus rating to $120.8 million of Piedmont Municipal Power Agency electric revenue bonds that are expected to sell the week of Nov. 1. The debt will be offered in Series 2010A of federally taxable Series 2010A-1, Series 2010A-2, Series 2010A-3, Series 2010A-4, and Series 2010A-5.
In addition, Fitch affirmed $1.098 billion of outstanding Piedmont electric revenue bonds.
The outlook has been revised to positive from stable.
The positive outlook reflects improving financial metrics primarily due to a combination of regular rate increases and lower debt service, as well as continued plant operating efficiency.
A reduced dependence on transfers from the rate stabilization fund is also a contributing factor to the outlook change, according to Fitch.
