Wabash Valley Power Association, IN ICR Raised To #A# From #A-# On Strong Financial Management

Stocks and Financial Services Press Releases Tuesday February 13, 2018 09:09
CENTENNIAL--13 Feb--S&P Global Ratings
CENTENNIAL (S&P Global Ratings) Feb. 12, 2018--S&P Global Ratings raised its issuer credit rating (ICR) to 'A' from 'A-' on Wabash Valley Power Association (Wabash), Ind. The outlook is stable.

"The raised rating reflects our view of Wabash's strong financial management, and our expectation that fixed charge coverage metrics will improve in the near-term to sustainable levels that support the higher rating," said S&P Global Ratings credit analyst Andrew Bredeson. "The raised rating further reflects our view of the cooperative's improved liquidity position, diverse power supply portfolio, and manageable 10-year capital program, which doesn't include significant generation needs," Mr. Bredeson added.

The stable outlook reflects our expectation that Wabash will maintain its improved liquidity position due to increased profit margins and reduced fixed capacity costs associated with purchased power.

Wabash Valley Power Association is a generation and transmission cooperative headquartered in Indianapolis, providing wholesale power to its 23 distribution system members and serving approximately 313,000 end-use customers.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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