FOR IMMEDIATE RELEASE
February 28, 2018
AMP Earns Credit Rating Upgrade from Fitch Ratings
ALAMEDA, CA – On February 27, Alameda Municipal Power (AMP) earned a credit rating upgrade from Fitch Ratings based on the utility’s strong financial performance.
"This upgrade speaks to the stewardship of the city of Alameda’s Public Utilities Board and everything they have done to put AMP in its current strong financial position,” AMP General Manager Nico Procos said. “AMP’s rating upgrade from Fitch is a strong example of how community-owned utilities can thrive financially and serve the public."
The upgrade from Fitch moves AMP’s rating from A+ to AA-. In a press release on AMP’s upgrade, Fitch Ratings noted that AMP’s financial performance has stayed “consistently strong since at least fiscal 2011.”
Fitch also pointed out AMP’s commitment to the environment and renewable energy, noting that the utility uses a “diverse mix of mostly renewable resources and is well positioned to exceed the state’s environmental mandates.”
Fitch press release: https://www.fitchratings.com/site/pr/10020226
Alameda Municipal Power (AMP) is a department of the city of Alameda that has served residents and businesses for 131 years. AMP provides power to more than 34,000 customers at rates that average 16 percent below neighboring communities.
Contact: Kathleen Haley
Alameda Municipal Power