JOHNSON — A major credit rating agency has upgraded the Vermont Electric Co-op.
The Johnson-based co-op announced on Wednesday it’s been boosted to an A rating — meaning that while it is somewhat susceptible to economic risks, its overall creditworthiness is strong. The co-op previously had been rated at A-minus, and has seen steady improvement since it got a BBB- rating in 2007.
Co-op CEO Dave Hallquist said the stronger rating will keep the cost of financing low. He says it will help VEC diversify its power portfolio and keep costs low for members.
“This is great news for VEC’s members,” Hallquist said. “VEC’s board of directors and employees have worked hard during the past several years to improve our financial outlook.”
S&P cited a combination of cost management, moderate growth, and regulatory support as factors contributing to the co-op’s higher credit rating.
S&P analyst Judith Waite referred specifically to “a combination of cost management, moderate growth, and regulatory support” as factors contributing to the higher rating.
The S&P announcement follows news last week news that VEC would make $850,000 in payments to current and past members. The co-op said that announcement was “based on the principle that the economic benefits of the cooperative’s operation should be returned to its members or reinvested in the co-op.”MORE IN Vermont News
- Most Popular
- Most Emailed
- TOMORROW'S HEADLINES TODAY: Jim Jeffords' legacy, Brandon takes a few questions about proposed budget, beleaguered city playground likely to move, woman awakes to find strange man with knives standing at her bedside.
- TOMORROW'S HEADLINES TODAY: Former U.S. Senator James Jeffords dies Monday in Washington D.C., a local man is beaten and robbed while walking on West Street, Clarendon sets a tax rate and Brandon convenes an informational public meeting about its budget.
- RICHARD'S POOR ALMANACK: On this day in 1915, the New York World publishes scoop: Thom. Edison diverts chemical from war production to help German pharmaceutical company make aspirin; on this day in 1935, Will Rogers, Wiley Post die in Alaska plane crash.
- TOMORROW'S HEADLINES TODAY: State panel briefed on smuggling drugs into prisons; new French-German documentary about Vermont's heroin addiction; solar project at Vets Home falls apart; update dispute between Open Door Mission and treatment center.
- TODAY'S WEATHER MINUTE: Climatologists might not know as much about El Nino as they thought they knew. New studies show 10,000 years ago, El Nino was active, and polar ice sheets were rapidly melting — just like today.
- TOMORROW'S HEADLINES TODAY: State colleges get a budget cut break, vandals spray paint Wallingford basketball court, state's attorney will replace lost deputies, cop lawsuit proceeds, Mendon mini-golf proposal makes headway.