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NEW $40M OUC BOND SERIES RATED 'AA' ORLANDO – Calling OUC one of its highest rated public power utilities, Fitch Ratings recently awarded OUC—The Reliable One a ‘AA’ rating on a $40 million proposed revenue refunding bonds series. The agency also reaffirmed OUC’s 'AA' rating on outstanding debt. In its analysis, Fitch cited OUC’s competitively priced rates and an efficient and diversified power supply portfolio of coal, natural gas/oil, purchased power and nuclear generation as reasons for its ‘AA’ rating. OUC Chief Financial Officer John Hearn said proceeds from the 2005A bonds sale would refund outstanding 1996B bonds. “We have been following the market closely, and the timing is right to refund our 1996B bonds at a considerable savings for our customers,” Hearn said. The bonds will be priced the week of Oct. 24, 2005. Established in 1923 by a special act of the Florida Legislature, OUC –The Reliable One is the second largest municipal utility in Florida. OUC provides electric and water services to more than 196,000 customers in Orlando, St. Cloud and parts of unincorporated Orange and Osceola counties. Fitch’s rating definitions are available on the agencies public web site at www.fitchratings.com |
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