NASHVILLE, Tenn. – Nashville Electric Service (NES) has received high rankings from both Standard & Poor’s and Fitch. NES was assigned an AA+ rating to the bond issuance and was affirmed the AA+ rating assigned to all bonds currently outstanding.
This rating places NES among only a few other public power utilities in the nation to receive such a high ranking.
“It is gratifying that respected rating agencies express such a high level of confidence in our ability to succeed,” said NES Executive Vice President & Chief Financial Officer Teresa Broyles-Aplin. “Our commitment is to deliver the highest level of customer service and reliability at the lowest reasonable price.”
The AA+ rating reflects NES’ strong operating performance and healthy financial metrics. Other strengths include competitive rates and continued economic growth.
NES will issue $110 million in electric system revenue bonds, 2014 Series A, and $57 million in electric system revenue refunding bonds, 2014 Series B. Proceeds of the 2014A bonds will be used to finance capital improvement projects on the NES system. The 2014B bonds will be used to refund portions of outstanding bonds.
Nashville Electric Service is one of the 12 largest public electric utilities in the nation, distributing energy to more than 360,000 customers in Middle Tennessee. For more information about NES, visit nespower.com.