Citing stability and strong financial health, Fitch Ratings, a nationally-recognized credit ratings agency, has reaffirmed the AA- rating for Pedernales Electric Cooperative. “The AA- rating reflects our continued commitment to fiscal responsibility,” said PEC Chief Executive Officer Julie Caruthers Parsley. “The Board of Directors and PEC executive team are very mindful of the cooperative’s sound financial health when making decisions.”
Key factors driving the rating include improved operating costs, highly affordable rates, and a restructure of PEC’s capital credits processes. Our net leverage ratio has remained consistent, and our ability to support the demand in electric service growth remains strong.
“PEC is prepared to meet the growing demands of our service territory,” Parsley said. “We do this by making sound business decisions that keep our members in mind. Not only does PEC provide strong returns to the membership, but the cooperative is also able to offer very competitive rates and options.”
To view the full Fitch Ratings report, visit their website at fitchratings.com.
PEC is the nation’s largest electric distribution cooperative, powering more than one million lives across its 8,100-square-mile service area, which includes some of the fastest growing counties in Texas.