News

Grand River Dam Authority News Release

Nov 21, 2019

A1 stable …
Moody’s affirms GRDA credit rating

A “diverse and competitively priced resource mix” as well as long-term customer contracts and rate setting ability are among the key reasons why Moody’s Investors Service has recently affirmed its A1 credit rating, with a stable outlook, for the Grand River Dam Authority.

Moody’s issued its opinion on November 7, while also noting GRDA’s strong financial performance in recent years as another key factor for affirming the rating and outlook that it had previously assigned to GRDA.

“The stable outlook reflects our expectations that GRDA’s cost competitiveness and sound financial profile will be maintained and financial performance to remain in line with expectations,” stated Moody’s in its credit opinion. In late October, GRDA received similar news when Fitch Ratings also affirmed an A+ stable rating for the organization.

“This is more good news from the rating agencies and further reinforces our efforts to keep GRDA on strong financial footing,” said GRDA President/Chief Executive Officer Dan Sullivan. “However, we continue to seek out even greater efficiencies in our operations to benefit our ratepayers.”

GRDA currently maintains the highest credit ratings in its history from the “big three” credit rating agencies: Fitch, Moody’s Investor Service and Standard & Poor’s.

Headquartered in Vinita, GRDA is Oklahoma’s state-owned electric utility; fully funded by revenues from electric and water sales instead of taxes. Each day, GRDA strives to be an “Oklahoma agency of excellence” by focusing on the 5 E’s: electricity, economic development, environmental stewardship, employees and efficiency.

For immediate release: 11/21/19

Contact: Justin Alberty
Vice President of Corporate Communications
(918) 824 7812
[email protected]