California’s Alameda Municipal Power has earned a credit rating upgrade from Fitch Ratings based on the utility’s strong financial performance.
The upgrade from Fitch moves Alameda Municipal Power’s rating from A+ to AA-.
"This upgrade speaks to the stewardship of the city of Alameda’s Public Utilities Board and everything they have done to put Alameda Municipal Power in its current strong financial position,” said Alameda Municipal Power General Manager Nico Procos.
He said the utility’s rating upgrade from Fitch “is a strong example of how community-owned utilities can thrive financially and serve the public."
In a press release about the upgrade, Fitch Ratings noted that Alameda Municipal Power’s financial performance has stayed “consistently strong since at least fiscal [year] 2011.”
The rating agency also said that the utility’s liquidity is healthy, with 517 days cash on hand, or approximately $66.4 million in unrestricted funds, at fiscal year-end 2017.
In addition, Fitch pointed out the utility’s commitment to the environment and renewable energy, noting that the utility uses a “diverse mix of mostly renewable resources and is well positioned to exceed the state’s environmental mandates.”
