A diverse and competitively priced resource mix, along with long-term customer contracts and rate setting ability, were among the key reasons why Moody’s Investors Service recently affirmed its A1 credit rating, with a stable outlook, for the Grand River Dam Authority (GRDA), Oklahoma-based GRDA said on Nov. 21.
Moody’s issued its opinion on November 7, while also noting GRDA’s strong financial performance in recent years as another key factor for affirming the rating and outlook that it had previously assigned to GRDA, which is Oklahoma’s state-owned electric utility.
“The stable outlook reflects our expectations that GRDA’s cost competitiveness and sound financial profile will be maintained and financial performance to remain in line with expectations,” stated Moody’s in its credit opinion.
In late October, GRDA received similar news when Fitch Ratings also affirmed an A+ stable rating for the organization.
“This is more good news from the rating agencies and further reinforces our efforts to keep GRDA on strong financial footing,” said GRDA President and CEO Dan Sullivan. “However, we continue to seek out even greater efficiencies in our operations to benefit our ratepayers.”
GRDA currently maintains the highest credit ratings in its history from the “big three” credit rating agencies: Fitch, Moody’s Investor Service and Standard & Poor’s.