High credit rating recognizes FMPA’s financial performance and competitive rates

Editors note: Local utility activists and State Rep. Debbie Mayfield argue the Florida Municipal Power Agency is a house of cards. Meanwhile, the joint action agency, which is audited annually, just received affirmation of a positive credit rating from Moody’s Investor Services.

NEWS RELEASE

Moody’s Investor Services on Feb. 10 affirmed the A2 credit rating of the Florida Municipal Power Agency’s (FMPA) All-Requirements Project with a stable rating outlook.

Moody’s pointed to the “steady improvement in rate competitiveness and satisfactory financial performance, which is expected to continue,” of FMPA’s All-Requirement Project as part of the reason for the impressive A2 rating. Moody’s said its rating also incorporates, “the sound legal security and the underlying operating performance record of the project.”

The All-Requirements Project is FMPA’s largest power supply project. FMPA’s wholesale power costs to the 13 municipal utilities in the All-Requirements Project have decreased 30% since 2009.

“This high credit rating is great news for FMPA and our members around the state,” said FMPA General Manager and CEO Nicholas P. Guarriello. “It reflects the proactive steps that FMPA and its member cities have taken to continually enhance our rate competitiveness.”