Fitch Ratings has assigned an ‘AA’ rating to the following city of Lakeland, FL’s electric system (Lakeland or the system) revenue and refunding bonds:
–Approximately $154 million energy system revenue and refunding bonds, series 2023.
Bond proceeds will be used to finance the installation of new electric generation units, the construction and equipping of certain other capital improvement projects, refund all or a portion of the Series 2022 Electric Variable Energy System Refunding Bond, and to pay costs related to the issuance. The bonds are expected to price on Aug. 29, 2023.
Fitch has also affirmed the following ratings:
–$430.7 million energy system revenue and refunding bonds, series 2010, 2016, 2018, and 2021.
Fitch has, in addition, assessed Lakeland Electric’s standalone credit profile (SCP) at ‘aa’. The SCP represents the credit profile of the utility on a stand-alone basis irrespective of its relationship with and the credit quality of, the city of Lakeland, FL (IDR, AA).
The Rating Outlook is Stable.