Moody’s upgrades NWCPUD bond rating

Announcement:
Moody’s has corrected the rating of Northern Wasco County People’s Utility District, OR from A3 to A1

Global Credit Research – 04 Mar 2013

$8.6 million of debt affected

MoodysNew York, March 04, 2013 — Moody’s Investors Service, Inc. has corrected the rating of Northern Wasco County People’s Utility District, OR from A3 to A1. On April 23, 2010, Moody’s recalibrated Northern Wasco County People’s Utility District’s A3 municipal rating to A3 on the global scale. The recalibration algorithm utilized was for Power Generating Utilities, however, the Distribution Only electric utilities algorithm should have been applied given that less than 20% of the utility’s power is sourced from directly or indirectly owned self-generation. The utility’s generation resources have generated power equivalent to roughly 13% of its annual load since 2007.

The principal methodology used in rating Northern Wasco County People’s Utility District, OR was “Moody’s U.S. Public Power Electric Utilities”, published in April 2008 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody’s website.

The last rating action for Northern Wasco County People’s Utility District, OR was on December 1, 2004 when the A3 municipal rating was assigned.

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