Fitch Ratings Affirms Nebraska Public Power District Series A CP At 'F1+'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed Nebraska Public Power District's (NPPD NPPD Nebraska Public Power District NPPD Nuclear Power Plant Division NPPD National Protection & Programs Directorate (DHS) ) commercial paper notes, series A (the Notes) at 'F1+'. The rating assigned to the notes is based on the liquidity support provided by the Credit Agreement (the Agreement) with the Bank of Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography , New York Agency (rated 'AA-/F1+' by Fitch). Fitch's affirmation of the short-term rating is in connection with the increase of the maximum borrowing amount (to $250 million from $150 million) under the Agreement. Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. will act as dealer for the CP notes. The rating will expire on the earlier of Aug. 1, 2008, as defined in the Agreement or upon any prior termination of the Agreement. The effective date for the amended agreement is expected to be on or about April 1, 2007. The Agreement provides a maximum commitment of $250 million to cover principal of the Notes in the event that roll-over proceeds of commercial paper notes are insufficient to pay amounts due upon the maturity of the Notes. Following the occurrence of an event of default under the agreement the liquidity providers may direct that no additional notes be issued and the Agreement may be terminated upon the occurrence of certain events of default. NPPD is responsible for the payment of the interest on the notes. The interest on the notes are payable from a pledge of revenues that are subordinate to NPPD's operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and debt service on $1.5 billion of general revenue bonds. NPPD is a public corporation that serves most of rural Nebraska on a retail and wholesale basis. In 2005, NPPD's revenues consisted of 28% retail and 72% wholesale, divided between member wholesale sales (44%) and off-system contracted sales (28%). NPPD credit strengths include: --Low cost and well diversified mix of generating resources; --Stable finances; --Long term power sale contracts. Credit concerns include: --Operational performance of its Cooper Nuclear Station Cooper Nuclear Station (CNS) is a boiling water reactor (BWR) type nuclear power plant located on a 1,251 acre (5.1 km²) site near Brownville, Nebraska. It is the largest single unit electrical generator in Nebraska. ; --Impact of expected environmental compliance costs on NPPD's coal units over the next five years; --Effect of changing water flow priorities and regional drought conditions on ability of generating units to continue to operate at historical levels. For additional information on NPPD, see the Fitch press release dated Feb. 1, 2007 ('Fitch Rates Nebraska Power Dist $94MM Revs 2007A 'A+'; Stable Outlook'), which is available on the Fitch Ratings web site at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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