Three major credit rating agencies, Moody’s Investors Service, Fitch Ratings, and Standard & Poor (S&P) have affirmed Lakeland Electric’s Rating Outlooks, continuing Lakeland Electric’s positive trend toward healthy financial metrics.
Moody’s affirmed the Aa3 credit rating of Lakeland Electric’s system bonds. Fitch Ratings affirmed the ‘AA-’rating and deemed the outlook as Positive. S&P assigned Lakeland Electric its ‘AA’ long-term rating.
Lakeland Electric fared well despite the challenges from Hurricane Irma in 2017. Factor’s sited by the agencies included Lakeland Electric’s “competitive rates that are below the state average” and its “solid asset generation mix” provided by the utility’s own gas- and coal-fired power plants. Lakeland Electric continues to have some of the lowest rates in Florida.
“Thanks to our strong energy production fleet, like McIntosh 5 and 3, and our ability to diversify how we produce and procure power, our customers are well positioned for the future” said Joel Ivy, General Manager of Lakeland Electric.