Looking back on GRDA’s 2016: Part 4

As we wrap up 2016, and this series on the Grand River Dam Authority’s year-in-review, we wanted to revisit one of the most important developments of the year. It related to the perception of GRDA by the financial community and helped emphasize the efforts of the Authority’s workforce as it continues to move towards new levels of efficiency.

On October 7, just ahead of the Authority’s latest bond issue, Standard & Poor’s Global Ratings announced that it would raise GRDA’s long-term credit rating and underlying rating (SPUR) to “AA-” from “A+” on the Authority’s earlier bonds. Further, S&P announced it was assigning an “AA-” rating to the latest bond issue (which took place October 25), with a stable outlook.

That news came on the heels of an announcement by Fitch Ratings that it was assigning an “A+” rating to the 2016 GRDA bond issue. Fitch also upgraded GRDA’s 2008 and 2010 series bonds to “A+” from “A.” Earlier that week, Moody’s also assigned an “A1” rating to the 2016 bond issue and reaffirmed its “A1” rating of existing GRDA bonds.

What did all that rating talk really mean? It meant that GRDA achieved the highest credit ratings in its history during 2016, as it continued on an upward trend that actually began in 2005. Diverse power supply, prudent risk management policies, good operating performance and, ultimately, the efforts of our employees throughout 2016, were among the reasons for the upgrades.

As GRDA prepares to wrap up 2016, we want to wish our employees, customers, stakeholders and the citizens of Oklahoma a happy, safe and prosperous new year. May it be a grand year for you all!

Headquartered in Vinita, GRDA is Oklahoma’s state-owned electric utility; fully funded by revenues from electric and water sales instead of taxes. Each day, GRDA strives to be an “Oklahoma agency of excellence” by focusing on the 5 E’s: electricity, economic development, environmental stewardship, employees and efficiency. 

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