Fitch Rates Pedernales Electric Cooperative, TX’s $200MM CP Program at ‘F1+’; Maintains RWN
Fitch Ratings has assigned an ‘F1+’ short-term rating to the following Pedernales Electric Cooperative, Inc. (TX) (PEC) obligation:
- Up to $200 million authorized commercial paper (CP) notes (April 2021);
Fitch has also maintained the Rating Watch Negative (RWN) on PEC’s ‘AA-‘ Issuer Default Rating (IDR) and outstanding first mortgage bonds (series 2002A).
PEC expects to issue CP notes in April 2021 as interim funding for its capital program. Over time, PEC expects to refund CP notes every 12 to 18 months with issuance of long-term fixed-rate debt.
For more information, visit fitchratings.com.