Fitch Ratings and Standard & Poor’s upgraded Lakeland’s energy revenue bonds to AA-minus from A-plus recently. The higher rating was assigned to the upcoming sale of $200 million of revenue and refunding bonds by both agencies. They said the outlook is stable.

“The upgrade reflects a return to Lakeland Electric’s historically sound financial position, including healthy coverage of debt service and ample liquidity, after the expiration of an unfavorable contract with the Florida Municipal Power Agency in December 2007,” Fitch said.

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