• Vermont Electric gets credit rating boost
    September 27,2013
    • Email Article
    •  
    •  Print Article
     
    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.”
    • Email Article
    •  
    •  Print Article
    2 Comments
    MORE IN Vermont News
    BERLIN — A hypodermic needle was found in a baby changing table of the Berlin Mall on Friday,... Full Story
    WATERBURY CENTER — Vermont State Police say a toddler is in critical condition after being found ... Full Story
    LYNDONVILLE — Police say they’ve arrested a third person involved in a string of armed robberies ... Full Story
    More Articles