symbol lookup  commodity list
Bookmark This Page
Daily Dividend Report: JNJ,K,SCHW,CCI,DUK

Fri, 23 Oct 20:40:30 GMT
Wednesday Sector Leaders: Precious Metals, Agriculture & Farm Products

Wed, 21 Oct 16:03:11 GMT
Portfolio Channel
Free Energy Dividend Stock Report
Free Dividend Report - Top Ranked Stocks
Free Dividend Paying Gold/Metals Stocks Report
Get a quote box (like the one below) for your site! Commodities Quotes
commodity quotes list
energy quotes  gold quotes
uranium stocks  
solar power stocks

wind power stocks

Industry focus:

advertising stocks,
space stocks,
aerospace stock,
aerospace sector,
list of aerospace companies,
largest chemical companies,
chemical stock,
chemical news,
best agriculture stocks,
ag stocks,
chinese agriculture stocks,
top agriculture companies,
agriculture stocks,
agricultural stocks,
agricultural stock,
stocks agriculture,
agriculture markets,
agriculture index,
agriculture industries,
agricultural investment,
agriculture investment,
agricultural industry,
farm stock,
airline stock symbols,
airline stock prices,
airline stock,
airlines stock,
clothing stock,
fashion stocks,
publicly traded fashion companies,
clothing company stocks,
apparel stock,
apparel companies,
application software stocks,
asset management stocks,
auto stocks,
auto industry stocks,
chinese auto stocks,
auto stock prices,
automotive stock,
auto parts stocks,
community bank stocks,
regional bank stocks,
canadian bank stocks,
banking stock,
national bank stocks,
commercial bank stock,
banks stock,
bank stock quote,
bank stocks,
banking industry,
alcohol stocks,
beverage stock,
global wine stocks,
wine stocks,
liquor stock,
biotech stocks list,
biotechnology investing,
public biotech companies,
top biotech stocks,
nanotechnology stock,
largest biotech companies,
biotechnology stock,
biotech investing,
investing in biotech,
best biotech companies,
bio stocks,
biotech sector,
biotechnology investment,
biopharma companies,
new biotech companies,
biotech investment,
biotechnology industries,
nanotech stocks,
biotech stocks,
biotechnology articles,
biotechnology news,
business stocks,
service stocks,
chemical companies,
chemical industries,
chemical industry,
chemical company,
chemicals company,
cigarette stock,
cigarette company stocks,
cigarette stock symbols,
tobacco company stocks,
tobacco stock,
cigar stocks,
communications stocks,
communication stock,
computer peripherals companies,
computer peripherals,
computers stocks,
computer stock,
computer web,
internet stocks,
construction stocks,
machinery stocks,
builders stocks,
building stocks,
consumer goods stocks,
consumer services stocks,
consumer services companies,
lending stocks,
mortgage banking,
lending companies,
mortgage bankers,
loan services,
mortgage services,
mortgage bank,
loan bank,
defense stocks,
defensive stock,
department store stocks,
diagnostic company,
diagnostic companies,
pharmaceuticals stocks,
drug stocks,
drug company stocks,
pharma stock,
education stocks,
college stock,
electric utility stocks,
electric company stocks,
electric utilities stocks,
utility stocks,
utilities stocks,
power equipment companies,
electrical supply companies,
electronic stocks,
entertainment stock,
movie stocks,
movies companies,
movie company,
open ended and closed ended mutual funds,
closed ended investment,
closed ended fund,
bonds fund,
closed end,
food stock,
game stock,
gambling stocks,
casino stocks,
gaming stocks list,
gaming stocks,
gas utility companies,
gas company stocks,
construction industries,
builders contractors,
construction services,
construction industry,
grocery store stocks,
supermarket stock,
drug store stocks,
home stocks,
furniture stock,
home improvement stocks,
medical company stocks,
top medical stocks,
medical stock,
hospital stock,
medical supply stocks,
medical technology stocks,
medical device stocks,
medical equipment stocks,
copper mining,
palladium mining stocks,
mining metals,
mining news,
gold exploration,
mining share price,
lithium mines,
mining industries,
international mining companies,
mining information,
molybdenum mining companies,
nickel mining companies,
metals and mining stocks,
gold and silver mining stocks,
copper mining companies,
rare earth mining companies,
rare metals stocks,
rare earth stocks,
metals stocks,
welding stock,
nonprecious metals,
non metallic mining,
office supplies companies,
office supply companies,
oil services stocks,
oil pipeline stocks,
gas pipeline stocks,
gas pipeline companies,
pipeline companies,
natural gas pipeline companies,
oil services companies,
oil field services,
oil service stocks,
natural gas pipelines,
oilfield service companies,
oil and gas pipeline companies,
oil gas pipeline,
oil exploration stocks,
oil exploration sector,
oil exploration companies,
oil drilling stocks,
oil drilling companies,
oil production companies,
china oil companies,
brazil oil companies,
china oil stocks,
brazil oil stocks,
oil companies,
oil stocks,
oil drilling,
oil exploration,
offshore oil drilling companies,
list of oil drilling companies,
oil and gas exploration,
oil and gas drilling,
oil and gas stocks,
oil and gas drilling companies,
oil refining companies,
oil marketing companies,
oil refining stocks,
oil refining sector,
oil refinery companies,
oil refinery stocks,
major oil companies,
oil sector,
oil refinery,
oil refinery company,
oil company,
oil marketing company,
oil refining company,
oil refining industry,
major oil companies list,
oil and gas companies,
crude oil stocks,
packaging companies,
container companies,
packaging stocks,
packaging sector,
container sector,
pulp stocks,
paper stocks,
timber stocks,
pulp companies,
paper companies,
timber companies,
timber trusts,
cardboard companies,
paper sector,
timber sector,
paper companies list,
silver mining companies,
gold mining companies,
gold mining sector,
precious metal stocks,
mining companies,
exploration sector,
mining sector,
exploration stocks,
mining stocks,
silver stocks,
gold stocks,
gold mining stocks,
silver mining stocks,
silver mining company,
canadian mining companies,
gold mining,
gold mining company,
mining company,
list of mining companies,
gold stocks list,
largest gold mining companies,
silver mining,
printing companies,
printing stocks,
printing sector,
newspaper stocks,
newspaper sector,
newspaper companies,
publishing stocks,
publishing sector,
publishing companies,
digital media companies,
digital media stocks,
digital media sector,
book publishing companies,
digital media company,
publishing company,
railroad stocks,
railroad sector,
railroad companies,
railroad company,
railroad investment,
major railroad companies,
real estate companies,
real estate stock,
real estate public companies,
real estate investing,
real estate investments,
real estate sector,
commercial real estate investing,
real estate investment firms,
real estate investing guide,
real estate investment trust,
REIT sector,
REIT stocks,
REITs sector,
REITs stock,
public REITs,
real estate investment trusts,
real estate investment trust companies,
real estate investment trusts REITs,
real estate investment companies,
real estate investment company,
real estate investment trust REIT,
rubber stocks,
plastic stocks,
rubber companies,
plastic companies,
rubber sector,
plastic sector,
plastic manufacturing companies,
rubber company,
plastic company,
semiconductor stocks,
semiconductor investments,
semi stocks,
semiconductor companies,
semiconductor sector,
shipping stocks,
dry bulk stocks,
container stocks,
dry bulk shipping,
dry bulk shipping companies,
tanker stocks,
shipping companies,
shipping sector,
specialty retail,
retail stocks,
retail investing,
retail store stocks,
consumer stocks,
consumer investment,
retail companies,
retail sector,
sports stocks,
sports investing,
sporting goods stocks,
sports investments,
sporting goods companies,
sporting goods sector,
stock message boards,
television stocks,
television investment,
radio stocks,
radio invest,
media stocks,
media invest,
media investment,
media investing,
television companies,
television sector,
radio sector,
radio companies,
media companies,
media sector,
textile stocks,
apparel stocks,
textile investment,
textile companies,
textile sector,
apparel sector,
freight investment,
transportation investment,
truck investment ,
freight stocks,
transportation stocks,
trucking stocks,
trucking companies,
trucking sector,
waste management stocks,
waste stocks,
recycling stocks,
waste investment,
waste companies,
waste sector,
water stocks,
water utilities,
water investing,
water investment,
water companies,
water sector

Home Oil & Gas Electricity Metals Treasuries Stocks My Portfolios Forex
News - Full Story Three Credit Agencies Affirm CPS Energy's Bond Ratings; S&P And Moody's Reflect Stable Outlook; Fitch Changes Outlook From Stable To Negative

SAN ANTONIO, Oct. 16, 2020 /PRNewswire/ -- CPS Energy has recently received strong bond credit ratings from Moody's, S&P, and Fitch. Each affirmed CPS Energy's existing high industry credit ratings, which will support two refunding debt transactions that are planned for next week. Moody's and S&P have reaffirmed their current ratings of CPS Energy at Aa1 and AA, respectively, both with a Stable Outlook. Fitch has also reaffirmed its current rating of the utility at AA+; however, it has changed its Outlook from Stable to Negative.

The Fitch rating still reflects the strong credit of CPS Energy; however, the change in their outlook is attributed to their concerns for the following:

  • Emergent challenges in receiving required rate increases from the City Council that are necessary to maintain CPS Energy's historically strong financial position.
  • A heightened risk, driven by the broader economic stress caused by the pandemic, which could also impact the City Council's willingness to approve, without delay, the full amount of a rate request.
  • A new local petition that is interested in converting CPS Energy's current governance structure to one that would cause the utility to be more susceptible to political pressures.

"CPS Energy remains focused on helping its customers through these challenging times and is absolutely committed to performing at the highest levels. This is despite this year's challenges associated with COVID-19 and lower wholesale market sales," said Paula Gold-Williams, President & CEO of CPS Energy. "We know the credit ratings agencies are watching all significant activities in San Antonio closely. Part of their close focus is because, historically, we have performed extremely well. While we received a Negative Outlook from one agency, every day we are focused on operating efficiently and are working diligently to return the outlook to "Stable," across the board."

Credit Rating Agency




Aa1 - Senior Lien


Aa2 - Junior Lien



AA - Senior Lien


AA minus - Junior Lien



AA+ - Senior & Junior Lien


A Negative Outlook is not always followed by a downgrade. CPS Energy faced similar issues in 2010 when it worked to pursue new nuclear generation. CPS Energy was ultimately moved back to a Stable Outlook after reaching a settlement with a counterparty that limited financial exposure and after completing a successful rate case.

It has been six (6) years since CPS Energy has needed a rate increase and it has only needed one (1) in nine years. Each year, it has considered the need for an increase and has been able to deploy other measures that have kept its financial ratios strong. This has included the consistent pursuit of:

  • Cost savings,
  • Investments in technologies that increase efficiencies,
  • Managed growth, and
  • Optimization of its extensive generation capacity in the wholesale and retail markets.

Again, due to the implications of the pandemic, recent declines in wholesale sales, and new activities from special interest groups to use political avenues to affect the company's proven governance structure, it appears CPS Energy may need an increase by the fall of next year. While CPS Energy's management team is cautiously optimistic about fiscal year 2022, which ends January 31, 2022, it remains committed to having future rate case discussions with its community and the San Antonio City Council, as the need evolves. While subject to change, current average total bill estimates could increase by 5%-to-8%.

The following includes excerpts that highlight strengths and risks from the Bond Ratings Agency Reports:



The 'AA+' rating continues to reflect CPS Energy's strong revenue defensibility, supported by the favorable demographic trends of its service area, including very strong customer growth, competitive rates, and the utility's independent rate-setting ability. Operating costs are expected to remain very low, even as the utility shifts its power supply toward lower carbon-emitting resources. Financial margins for bondholders remain dependable and strong with very little fluctuation from either volume sales or fuel prices. Fitch-calculated coverage of full obligations (COFO) exceeded 1.6x in the past five years despite the utility's large transfer (14% of gross operating revenues) made annually to the city's general fund.


The Negative Outlook reflects Fitch's concern that rate increases required to maintain a financial profile consistent with the current rating may not materialize. The risk is somewhat heightened by the broader economic stress caused by the pandemic, which could impact city council's willingness to approve, without delay, the full amount of a rate request. The lack of recent base rate increases, with the last adjustment occurring in February 2014, may add to customer rate sensitivity. A prolonged weakening of CPS Energy's operating cash flow without a timely base rate increase, would likely pressure the current rating.

Petition to Revise Governance and Management Structure
A recent petition was proposed by a local coalition of citizens that would revise the governance and management structure of the utility, as well as institute certain carbon reduction and rate policies. The petition would effectively replace the current board with a board comprised of city council members, and replace the President and CEO with a director appointed by the newly comprised board. The petition also mandates the shutdown of the Spruce coal facility by 2030.

Fitch views the proposed governance change as a potential asymmetric additive risk consideration as it would likely result in additional political pressure on the utility, and could constrain the utility's rate-setting ability or operational decisions.



The Aa1 senior lien rating considers various strengths including: the utility's broad and growing service area economy; supportive self-regulation on electric and gas rates and sound environmental policies; competitive retail rates despite a high General Fund transfer requirement; a competitive, reliable and diverse power supply; conservative financial record including strong liquidity; and the sound debt structure and risk management program. The Aa2 junior lien rating considers the subordinate pledge relative to the security on the senior lien obligations.

CPS Energy's power supply is well balanced with both conventional and renewable energy that continues to evolve towards lower carbon emissions, a key policy initiative. In March 2018, CPS Energy announced its Flexible Path. The Flexible Path is a fresh strategic approach on how CPS Energy will prudently plan for, develop and / or install new energy sources to serve its community. CPS Energy continually evaluates its generation portfolio, and will leverage its existing community-owned generation assets to bridge to a future that enables more non-emitting resources such as wind, solar, energy storage and new technology. Currently, the utility is prioritizing the replacement of capacity from older units, as almost one-third of capacity comes from assets of forty years or older.

While this objective represents a challenge, it appears to be a measured plan to balance clean energy and system reliability and customer growth.


Separately, a petition was started by a community environmental group in early September 2020, which if they gain enough signatures to place on a ballot where it is affirmatively voted upon, would (1) replace the Board with a board comprised of City Council members, (2) replace the President & CEO with a director to be selected by the newly comprised board, (3) proscribe the powers and duties of the director, (4) establish an advisory commission, and (5) mandate certain energy and rate-related policies. The earliest possible voting may be held is May 1, 2021. In the event CPS Energy should lose its self-regulated rate making ability, it would be viewed as a credit negative.



The enterprise risk profile reflects our view of the systems':

  • Very strong service area economic fundamentals, reflecting a broad and diverse service area economy that remains one of the most robust in the state and its very diverse and steadily growing customer base that promotes revenue predictability;
  • Extremely strong industry risk relative to other industries and sectors.
  • Strong market position, due to its automatic monthly purchased power cost-adjustment (PCA) mechanism that dynamically passes along changes in commodity prices, and its weighted average electric system rate that was 6.6% above the state average in 2018; and
  • Very strong operational and management assessments, highlighted by a generation fleet that is diverse in both fuel and shaft risk, complies with environmental regulations, and incorporates an integrated resources plan that has significant renewable energy goals, along with its robust management policies and practices.


Environmental, social, and governance factors
We consider the utility's governance factors, including its credit supportive rate-setting practices and robust financial practices, to be in line with those of other rated utilities. However, we understand an environmental group is seeking necessary signatures to put a charter amendment on the ballot in May 2021, which, if successful, could change CPS Energy's governance structure. The proposed charter amendment--if approved--would replace the board with oversight by the city council, and require CPS Energy to decarbonize its generation fleet at a faster pace. We will continue to monitor whether this potential charter amendment is successful and assess its effect on the utility's operational and financial profiles.

Cision src= View original content to download multimedia:


<  back Private-label branded pages powered by Copyright © 2020 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX/COMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
"In business, the earning of profit is something more than an incident of success. It is an essential condition of success. It is an essential condition of success because the continued absence of profit itself spells failure." - Louis Dembitz Brandeis

© Ticker Technologies, all rights reserved. is wholly owned by Ticker Technologies and serves to demonstrate the company's products to prospective clients. All quotes are in US Eastern Time (EST) and delayed at least 15 minutes. NYMEX/COMEX data delayed at least 30 minutes. Data is presented for informational purposes only and not intended for investment purposes. Nothing on this site should be considered advice, opinions, recommendations, or endorsements from or Ticker Technologies, Inc. Full Disclaimer.