Arizona public power utility Electrical District No. 3 recently held a successful $84 million bond sale “locking in refinancing savings and issuing new money to support our multi-year capital improvement plan that advances reliability and capacity expansion for our distribution and transmission,” Brian Yerges, ED3’s General Manager recently noted in a LinkedIn post.
“Our recent bond rating upgrade to AA- helped achieve our financing goals,” he noted.
ED3 recently announced that S&P Global Ratings upgraded the utility's long-term bond rating from A+ to AA-, reflecting the utility's strong financial management, reliable operations, and long-term commitment to serving its customers. The rating announcement was released on June 26, 2026.
The upgrade recognizes continued improvements in financial performance, healthy liquidity, prudent debt management, and stable governance.
S&P cited the utility's ability to maintain reliable electric service while strategically expanding its power supply portfolio including the recent additions of Box Canyon Solar and Apache Solar II.
"This upgrade is an important financial milestone for our utility and our customers," said Kenneth Bodle, Director of Financial Services. "An AA- rating demonstrates the strength of our financial foundation and our commitment to responsible stewardship of utility finances."
A higher bond rating can reduce borrowing costs on future capital projects, allowing the utility to finance investments in substations, transmission, distribution lines, reliability improvements, and system modernization at lower interest rates. These savings ultimately benefit customers by helping keep electric rates affordable while maintaining dependable service, ED3 noted.
“The rating upgrade reflects years of disciplined financial planning, strong operating performance, and a continued focus on delivering safe, reliable, and cost-effective electricity to the community,” the utility said.
