Power Co-Op Gets Bond Rating Upgrade After Exiting Kemper Deal

Kemper, MS -
Cooperative Energy and its 11 co-op members will see lower debt costs on $35.4 million bond;
Bailing out of its 15 percent ownership stake in Mississippi Power’s Kemper gasification plant has helped Hattiesburg-based Cooperative Energy gain a ratings upgrade on a $35.4 million bond issue.
The electric power co-op, which changed its name to Cooperative Energy from South Mississippi Electric Power Association in November, received a ratings upgrade from A- to A for its 2009 2009A Mississippi Business Finance Corporation Gulf Opportunity Zone Bonds.
“This rating upgrade reflects the success of our strategy to move from purchased power to owned generation resources, and from coal to natural gas and renewable energy,” said Cooperative Energy President/CEO Jim Compton in a press release. “The result for our members is lower borrowing costs and more favorable rates.”
An “A” rating from Fitch designates the bond issue as “near premium quality.”
Related News

PG&E Supports Local Communities as It Pays More Than $230 Million in Property Taxes to 50 California Counties
SAN FRANCISCO - Pacific Gas and Electric Company (PG&E) paid property taxes of more than $230 million this fall to the 50 counties where the energy company owns property and operates gas and electric infrastructure that serves 16 million Californians. The tax payments help support essential public services like education and public safety.
The semi-annual property tax payments made today cover the period from July 1 to December 31, 2017.
Total payments for the full tax year of July 1, 2017 to June 30, 2018 are estimated to total more than $461 million—an increase of $50 million, or 12 percent, compared with…