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KBRA Assigns AA- Rating to New York Power Authority, NY’s Green Transmission Project Revenue Bonds, Series 2022A; Outlook is Stable

1 Aug 2023   |   New York

Contacts

KBRA assigns a AA- long-term rating to the New York Power Authority’s Green SFP Transmission Project Revenue Bonds, Series 2022A. The rating reflects the broad (essentially statewide) customer base upon which the Authority can recover 100% of the annual Separately Financed Project (SFP) Transmission Revenue Requirement pursuant to a Federal Energy Regulatory Commission (FERC)-approved formula rate. Further underpinning the rating is the strategic role the SFP Transmission Projects is expected to play in helping New York State achieve the aggressive clean energy goals of its 2019 Climate Leadership and Community Protection Act (CLCPA).

To access rating and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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