Grant PUD’s continued strong financial indicators have earned a credit rating upgrade from Aa3 positive to Aa2 stable from Moody’s Ratings, Grant PUD commissioners recently learned.
The rating applies to the $575 million in Grant PUD debt rated by the agency. “The improved rating helps ensure lower finance costs on future borrowing needed to fund capital projects,” the Washington State PUD said.
It comes at a time when the utility is investing heavily to increase the capacity and reliability of its electric system and explore investments in new energy resources to supplement its Columbia River dams, Priest Rapids and Wanapum.
“That’s fantastic,” Commission President Terry Pyle said. “That’s really a fantastic job, and we appreciate the diligence you exhibit in your work.”
In its May 22, 2025 news release, Moody’s pointed Grant PUD’s consistently strong financial metrics, which include plenty of cash resources to cover its debt service, a low ratio of debt to the value of its assets, large amount of liquid reserves, and revenues from wholesale power sales that have far exceeded budgeted expectations.
The rating agency also pointed to the utility’s low electric rates and the willingness of management and commissioners to raise rates when needed. A 3% rate increase took effect April 1.
“This rating upgrade reflects our team’s commitment to fiscal responsibility and delivering affordable, high-quality service to our customers,” Angelina Johnson, Grant PUD’s Senior Manager of Treasury and Financial Planning, said after the commission meeting.
