Virgin Islands Power Agency Plans Rare $70 Million Sale

Piazza, Johanna
April 2003
Bond Buyer;4/1/2003, Vol. 344 Issue 31605, p4
Trade Publication
The Virgin Islands Water and Power Authority is planning to sell $70 million of fixed-rate, tax-exempt revenue bonds to add new generating capacity to the Caribbean islands of Saint Thomas, Saint John, and Saint Croix.The agency operates autonomously from the Virgin Islands government and has a virtual monopoly on electric power for the U.S. Virgin Islands serves approximately 50,000 customers in commercial, industrial, and residential sectors. Fitch Ratings affirmed the authority's BBB rating on $100 million of debt outstanding, reflecting its historically good financial performance, adequate liquidity, improving system reliability, and stable economic growth tied to the tourist economy. The deal is being underwritten by Salomon Smith Barney Inc. Despite a worldwide economic slowdown and concerns over tourism since Sept. 11, 2001 terrorist attacks, the Virgin Islands have not lost their appeal for travelers and the islands' tourism business has continued to grow.


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