S&P Global Ratings and Fitch Ratings Affirm NYPA’s Credit Rating

For Immediate Release: 06/15/21

Contact: Paul DeMichele | paul.demichele@nypa.gov | (914) 390-8186

WHITE PLAINS—S&P Global Ratings and Fitch Ratings have both affirmed their strong ratings on New York Power Authority’s long-term bonds and short-term debt. The ratings align with New York State’s overall positive fiscal outlook, as announced by Governor Andrew M. Cuomo yesterday.

S&P and Fitch both affirmed an AA rating for more than $1.6 billion of NYPA senior revenue bonds as well as an A1-plus rating and F1-plus rating for the Power Authority’s subordinate lien series 1-3 commercial paper and its series 1 extendible municipal notes.

John R. Koelmel, NYPA chairman, said, “These credit rating affirmations are in recognition of the Power Authority’s balance sheet management as well as operational leadership in navigating the pressures of a once-in-a-lifetime pandemic with great success. NYPA will continue deploying our assets and expertise to power New York’s economy and further stimulate and enable job creation and capital investment around the state.”

Gil C. Quiniones, NYPA president and CEO, said, “These ratings reflect NYPA’s financial strength and stellar credit metrics, and our commitment to maintaining them through this unprecedented pandemic. They ensure NYPA is able to continue leveraging the capital markets so that we can continue to provide affordable, reliable, and green electricity in support of the state’s transition into a clean energy economy.”

S&P noted that its positive rating reflects “favorable leverage metrics even after the utility added $1.1 billion of debt in 2020,” referring to NYPA’s historic green bond sale, which won NYPA Bond Buyer’s Deal of the Year 2020. Fitch noted that “NYPA’s financial profile remains strong” and it “benefits from very strong rate flexibility.”

About NYPA
NYPA is the largest state public power organization in the nation, operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit www.nypa.gov and follow us on Twitter @NYPAenergy, Facebook, Instagram, Tumblr and LinkedIn.