Fitch Upgrades Lakeland Electric Financial Rating
Fitch Ratings has upgraded the financial rating of Lakeland Electric revenue bonds to AA from AA. In their commentary, Fitch cited Lakeland Electric’s improved financial performance and continued deleveraging. They also commented upon Lakeland Electric’s strong operating risk profile, reflecting its low-cost burden associated with owned-generating assets and access to the Florida Municipal Power Pool. Lakeland Electric’s diversified customer base, affordable rates and solid credit metrics also contributed to the upgrade.
“I am extremely proud of the hard work of our dedicated Lakeland Electric employees,” said Joel Ivy, General Manager of Lakeland Electric. “This rating demonstrates their accomplishments in fulfilling our mission of being dependable, reliable, and sustainable.”
In addition to Fitch’s AA rating, Lakeland Electric is also rated as Aa3 by Moody’s Investor Service and AA by Standard and Poors. Bond and credit ratings are a key indicator of the financial health of an organization.