Financial review

Article Abstract:

A Standard and Poor's report indicates a drop in credit quality for the municipal utility industry in 1996. Two to four years of recovery in credit ratings for municipal, however, is predicted after 1996. In 1995, over $23 billion of debt issued by public electric utilities was downgraded. The downgrades were attributed to industry deregulation and the failure to remain competitive. The longer-term outlook for credit quality for public power entities will be affected by internal factors such as management abilities, debt profiles and competitiveness.

Forecasts and trends, Credit ratings

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Stranded asset as secure bond

Article Abstract:

Asset securitization may become an important tool in managing the finance of public utilities companies. Securitization involves making debt regulatory instruments, thereby increasing the company's ability to collect 'stranded costs.' The move can allow utilities to pay transition-related debt, reduce leverage and rigid financial charges, terminate contracts and make other financial improvements. Consumers may also benefit from this move as change to a competitive market lowers electric rates.

Management, Assets (Accounting)

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Second quarter results

Article Abstract:

Investor-owned electric utilities increased their aggregate assets by 2.4% in June 1994 over the same period the previous year. The primary factor for such an increase was the rise in deferred debits. Among other developments for the period were a decrease in construction activities, a rise in the value of common stock, increase in earnings per share as a result of increased sales and a rise in fuel expenses brought about by increased demand.

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