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From the August 18, 2014 issue of Public Power Daily

Originally published August 18, 2014

By Jeannine Anderson
Editor
Banks that are providing a line of credit to the Puerto Rico Electric Power Authority gave the island utility a breather, The New York Times reported Aug. 14. The banks said PREPA has until March 31, 2015, to make good on principal repayments that originally came due at the end of July. That announcement "is an important milestone in the transformation of PREPA, and gives us a clear line of sight to the future," said Harry Rodríguez, president of the authority’s board. The utility said it would continue to pay interest on the total amount due, $671 million.

Fitch Ratings has revised its credit rating outlook for the New York Power Authority in New York state from stable to positive and has affirmed NYPA’s AA rating. New York Gov. Andrew Cuomo on Aug. 15 applauded the Fitch move, along with other recent upgrades in the state's ratings. "Following the recent 'triple play' of upgrades to the state’s overall credit rating from Standard & Poor’s and Moody’s as well as Fitch Ratings, this positive assessment of NYPA is a testament to the progress we have made over the last few years to put the state’s fiscal house in order," Cuomo said. "I am especially proud of the exceptional leadership shown by NYPA President and CEO Gil Quiniones and NYPA Chairman John Koelmel, which helped make this upgrade possible." 
 

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Vice President, Integrated Media and Communications
Meena Dayak
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MDayak@publicpower.org

Editorial Director
Robert Varela
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Editor, Public Power Daily
Jeannine Anderson
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Laura D’Alessandro 
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