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Release Date xxxxxx
GPA BOND RATING IMPROVES...
The Authority has received official notice that Standard & Poors (S&P) has raised its ratings for the Authority’s existing revenue bonds from BB+ to BBB- with a stable outlook. S&P cited several factors that reflected a “sustained trend of operational and financial performance,” that included more efficient use and greater availability of its baseload generators, continued support from the Public Utilities Commission and the improving economic outlook of Micronesia.
“This essentially means that GPA is investment grade after six long years,” stated GPA General Manager Joaquin C. Flores, “This announcement by S&P is the result of a sustained effort across many fronts to regain confidence from this ratings company – I am confident other ratings companies will also share S&P’s opinion . . ."
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