December 23, 2013
For Immediate Release
Contact: Mary Sullivan
802-598-8139
BED Earns Improved Bond Rating Outlook from Moody’s
Moody’s recently changed Burlington Electric Department’s revenue bond outlook from Baa2 negative to Baa2 stable. This improved outlook came about because of a variety of reasons outlined in the Moody’s press release.
BED’s General Manager said, “We are very pleased that Moody’s has recognized the progress we continue to make in improving BED’s financial position across a number of metrics, and in reducing risks through the securing of long-term power supply contracts. A strong credit rating will help us meet the goal of providing stable rates for the citizens and businesses of Burlington. “
According to Burlington’s Chief Administrative Officer Bob Rusten, "It is important to note that this improved bond rating outlook is due to a number of positive factors, not just one item, and reflects well on the hard work and farsighted approach of BED management and staff. It is gratifying that Moody's recognizes BED's success in reducing its exposure to power market volatility, diversifying its power supply and improving its balance sheet. Moody's has also given BED an achievable roadmap to continue to improve its bond rating."
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