S&P GLOBAL RATINGS AFFIRMS STRENGTH OF N.Y. POWER AUTHORITY'S CREDIT

For Immediate Release: 01/13/17

Contact: 
Steven Gosset | Steven.Gosset@nypa.gov | (914) 390-8192

WHITE PLAINS—S&P Global Ratings has affirmed ratings on New York Power Authority’s long-term bonds and short-term debt that rank among the highest given to public electric utilities nationwide.

S&P affirmed an AA rating for $829 million of NYPA senior revenue bonds as well as the A1-plus rating for the Power Authority’s subordinate lien series 1-3 commercial paper and its series 1 extendible municipal notes, which total $511 million.

“S&P’s affirmation of NYPA’s bond ratings preserves our ability to access capital markets and finance some of the nation’s most innovative energy initiatives,” said John R. Koelmel, NYPA Chairman. “Because our senior management team’s track record is well-respected by the financial community, NYPA continues to move ahead and implement its far-reaching strategy to transform how electricity is generated and transmitted in New York.”

The S&P ratings mirror an assessment last month by Moody’s, another major bond rating agency, which praised NYPA for its “prudent financial management policies” in affirming its high ratings for NYPA debt.

“We appreciate the trust the financial community has placed in us,” said Gil C. Quiniones, NYPA president and CEO. “It has always been a top priority for NYPA to provide low-cost power and maintain a strong balance sheet at the same time.”

S&P also assigned an AA- rating to NYPA’s proposed $30 million subordinate note series 2017. Proceeds will be deposited in New York’s State Parks Greenway Fund to finance construction and rehabilitation projects at state parks and recreation facilities under the terms of the relicensing for NYPA’s Niagara Power Project.

About NYPA:
NYPA is the nation's largest state public power organization, through the operation of its 16 generating facilities and more than 1,400 circuit-miles of transmission lines. NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. Follow @NYPAenergy on Twitter, Facebook, Instagram, WordPress, YouTube, and LinkedIn.