Moody's Upgrades LIPA to A3, Citing Management, Revenue Boost

Chang, Helen
January 2005
Bond Buyer;1/28/2005, Vol. 351 Issue 32059, p3
Trade Publication
The article reports that Moody's Investors Service Inc., has raised the Long Island Power Authority's rating to A3 from Baal, citing better management policies. The rating has a stable outlook. According to chief financial officer Elizabeth McCarthy the upgrade brings Moody's in line with Fitch Ratings and Standard & Poor's, which rate LIPA debt A-minus. McCarthy said that she foresees little change in future borrowing costs for the authority as a result of the new rating. LIPA, which has $7 billion of outstanding debt, plans to sell $27 million of refunding bonds and $30 million of revenue bonds sometime this year.


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