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AMP, Inc. Fremont Energy Center

Issuer Type: Power/Gas

AMP Fremont Energy Center Revenue Bonds

Moody's
A1
S&P
A
Fitch
A
Marcy Steckman

Welcome to American Municipal Power, Inc.’s (AMP) investor relations website. Investment in bonds issued by AMP allows for beneficial investments in generation and transmission assets for our members.

AMP takes great pride in its relationship with the financial community. In order to succeed in its vision to be public power’s leader in wholesale energy supply and value-added member services, maintaining strong bond ratings is a priority. AMP is committed to being as transparent as possible with the investor community.

I hope you find the information provided here useful as you seek to better understand the credit fundamentals of AMP. Please do not hesitate to contact me with suggestions for how we can be doing better.

Marcy Steckman, Chief Financial Officer

News & Highlights

News
S&P Affirms Rating on AMP Fremont Energy Center

S&P Global Ratings has assigned its 'A' rating to American Municipal Power (AMP) Inc.’s Amp Fremont Energy Center (AFEC) project revenue bonds, refunding series 2017A. At the same time, S&P Global Ratings affirmed its 'A' rating on parity obligations outstanding. The outlook is stable. The rating reflects the following credit factors:

• Take-or-pay power sales contracts cover a large, 86-member group of participants in the AFEC project.

• Participants must increase their payments up to a maximum of 25% above their original payment obligations to cover the unpaid amount in the event of a participant default.

• We believe that the breadth of the participant base and the step-up provision decouples the project's credit quality from that of individual participants. As such, we base our opinion of participant credit quality -- a key factor of joint action ratings -- on the participant base's composite credit quality, and by examining the credit profile of the project's leading participants. In our opinion, participant credit quality is, on balance, the medium-investment-grade category.

• AFEC has a favorable operating profile, as low natural gas prices make it a low-cost resource within AMP's energy mix.

• The power sales contract limits rates to what will provide 1.1x debt service coverage (DSC), which we view as adequate.

• Liquidity at the project level is adequate, and is supplemented by credit lines at the corporate-level that are available across all the utility's operations, which include several other generation projects.