Fitch ups ratings on Sacramento, Calif., natural gas projects

Fitch Ratings said it upgraded to BBB+ from BBB ratings on two of four natural gas-fired, local generating projects used by the Sacramento Municipal Utility District and removed their bonds from Rating Watch positive.

The upgrade applies to $55.2 million series 1998 cogeneration project revenue refunding bonds issued by the Central Valley Financing Authority for the Carson Cogeneration Project and $76.6 million issued by the Sacramento Cogeneration Authority for the Procter & Gamble Project.

After its review, Fitch affirmed at BBB+ $116.5 million series 2005 cogeneration project revenue refunding bonds issued by the Sacramento Power Authority for the Campbell Project and affirmed at BBB $293.1 million series 2006 project revenue bonds issued by the Sacramento Municipal Utility District Financing Authority for the Cosumnes Power Plant Project.

The outlook for three financing authorities is stable; Sacramento Municipal Utility District Financing Authority's rating was upgraded to positive from stable.

The upgrades are based on the solid credit strength of Sacramento Municipal Utility District, Fitch said, and continued strong operating performance of all four projects.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.