Moody’s, KBRA Upgrade Ratings Assigned to NYPA Revenue Bonds

Moody's, KBRA Upgrade Ratings Assigned to NYPA Revenue Bonds

For Immediate Release:09/17/24

Contact: [email protected]| (518) 860-9935

Moody's, KBRA Upgrade Ratings Assigned to NYPA Revenue Bonds

WHITE PLAINS-Moody's Ratings and the Kroll Bond Rating Agency (KBRA) have both upgraded their ratings on the New York Power Authority's revenue bonds. Moody's upgraded its rating to Aa1 from Aa2-the firm's equivalent of upgrading to AA+ from AA-and KBRA upgraded its rating assigned to the bonds to AA+ from AA.

"These credit rating upgrades reflect the Power Authority's continued operational success, financial strength and vigilance in risk management," said NYPA President and CEO Justin E. Driscoll. "Strong credit ratings signal the market's confidence, lower borrowing costs for NYPA and allow us to leverage the capital markets so we can continue to provide low-cost, reliable and renewable electricity while we work to achieve our decarbonization objectives."

Moody's also upgraded NYPA's transmission bonds affiliated with separately financed projects (SFP) to Aa3 from A1. In its decision to upgrade the NYPA bond ratings, Moody's cited the Power Authority's "very strong financial and operating performance, the increased revenue diversification relating to the growth of transmission investments through SFP within the NYPA family and the sound credit profile of the State of New York."

KBRA notes that the Power Authority "benefits from a sophisticated and proactive management team with industry-leading enterprise risk management capabilities."

The rating upgrades were published ahead of an action taken today by the NYPA Board of Trustees to approve the issuance of up to $400 million in new green bonds. NYPA will market the General Revenue Green Bonds beginning next week.

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About NYPA

NYPA is the largest state public power organization in the nation, operating 17 generating facilities and more than 1,550 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit www.nypa.govand follow us on Twitter, Facebook, Instagram, Tumblrand LinkedIn.

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