His record places him as the third most successful national captain in cricket’s history. The Company alsooperated 21 radiation therapy centers and stereotactic radiosurgery facilities(two radiation therapy centers are in unconsolidated joint ventures) as ofDecember 31, 2008. Alliance HealthCare ServicesHoward AiharaExecutive Vice PresidentChief Financial Officer(949) 242-5300 Copyright Business Wire 2009. NEW YORK–(Business Wire)–Fitch Ratings assigns a ‘BBB+’ rating to North Carolina Eastern Municipal PowerAgency’s (NCEMPA) $80 million power system revenue bonds, series 2009A Thebonds are expected to price on May 6, 2009.
Fitch also affirms $2.6 billion ofoutstanding power system revenue bonds at ‘BBB+’ The Rating Outlook is revisedto Positive from Stable. The Positive Outlook reflects the potential for a rating upgrade depending onthe ability of the members to weather the current economic recession whilemaintaining their financial metrics. NCEMPA’s ratings are reflective of its solid, take-or-pay contracts with itsmembers (which include a 25% step up), stable financial performance and abilityto pass through fuel cost changes via an energy adjustment charge. NCEMPA’smember systems’ customer base is diversified and shows continued growth, albeitat a slower rate due to the economic recession.
Other credit positives includethe Local Government Commission’s (LGC) fiscal oversight of North Carolinamunicipalities, the continued sound financial performance of NCEMPA’s membercities and the solid plant operating performance for the nuclear (Brunswick andHarris) and coal-fired (Roxboro and Mayo) generating units. Favorable licenseextension efforts at Brunswick Units 1 and 2 and Harris Unit 1 provide financialflexibility to NCEMPA and long-term support to the credit ratings. Credit weaknesses center on a high average wholesale rate, high member retailrates and a still relatively large debt burden. The recently volatility in thefuel commodity costs and rising supplemental power costs resulted in a 14% rateincrease which, while high, was comparable to Progress Energy Carolinas (theneighboring investor owned utility). Revenue concentration among the fivelargest city members remains an issue. Proposed carbon legislation could alsoapply credit pressure on NCEMPA’s members in the future. Although it appearsthat NCEMPA will not be as impacted as the neighboring investor owned utility.
Despite higher than average electricity rates and economic pressures for themembers’ retail customers, the cities continue to attract some new loads. Themembers can offer competitive industrial rates for new loads through the use ofeconomic development rates and load management rate incentives. While NCEMPAprojects continued compound annual growth, the growth projections have beenrevised downward to 1.1% from 2009 through 2019. NCEMPA’s financial performance has been historically stable, with rates set(including rate-stabilization fund and other reserve fund transfers as revenue)to adequately meet coverage of generation project debt service and producedebt-service coverage of 1.11 times in 2008.
NCEMPA has historically maintaineddebt service coverages close to its rate covenant requirements, which is notuncommon for a joint action agency. NCEMPA is a joint power agency providing wholesale electric service to 32municipal member systems in eastern North Carolina. The members provide retailelectric distribution service to approximately 262,000 customers, primarilyresidential and commercial users. The five largest participant cities accountfor 63% of NCEMPA’s revenues.
