Moody’s upgrades to A1 Delaware Municipal Electric Corporation’s Beasley project outstanding revenue bonds; outlook stable

Moody’s Investors Service released an upgraded rating on Friday from A2 to A1 on the Beasley Project outstanding revenue bonds.  As noted in the press release:

The upgrade to A1 from A2 primarily reflects Beasley’s demonstrated strong financial performance owing to the incremental

revenues and cash flow it receives from the PJM capacity auction which supplements the stable cash flow received from its

members. Over the last three years, Beasley’s fixed obligation charge coverage (FOCC) ratio averaged above 4.0x and

liquidity restricted to the project has been preserved at comfortable levels, with cash and cash equivalents above $6 million,

which is equivalent to approximately 1,200 Days Cash on Hand.

Click here for the full press release.