|FORT COLLINS, Colo. -- All three national bond rating agencies have assigned favorable ratings to Platte River Power Authority's $66 million series II power revenue bonds scheduled to price February 27, 2012. The rating agencies also affirmed their double-A ratings of Platte River's previously issued power revenue bonds. All bond outlooks are stable.
Approximately $39 million of the proceeds from the series II bonds will be used to refund certain series EE bonds. The rest will fund transmission-related projects.
"Platte River's focus since day one has been to provide its owner communities of Estes Park, Fort Collins, Longmont and Loveland with low-cost, reliable and environmentally responsible electricity," said Platte River General Manager Brian Moeck. "To have maintained favorable ratings in the bond market over the years, illustrates our commitment to those goals."
Rationale behind the ratings includes strong historical and projected debt service coverage, prudent risk management procedures, its creditworthy municipalities it serves, strength of the local economy and competitive retail rates.
Anyone interested in purchasing Platte River Power Authority's series II power revenue bonds should contact Goldman Sachs at 917-343-7900 or Morgan Stanley at 1-800-869-3326.