Fitch: U.S. Public Power Peer Review Highlights Resilient Credit Quality

Fitch Ratings-New York-21 June 2021: U.S. public power utilities are generally seeing a continuation of strong financial trends and improving credit quality, according to Fitch Ratings’ 2021 U.S. Public Power Peer Review.

“The latest peer review shows that modest ratios of capital investment to depreciation and improving coverage medians again contributed to low leverage and improving credit quality throughout the public power sector in 2020,” said Dennis Pidherny, Managing Director, U.S. Public Finance. “These results are particularly surprising given the impact of the coronavirus outbreak and the related economic contraction. They further illustrate the sector’s operating and financial resilience, and its ability to record strong performance even through a very challenging period.”

Trends highlighted in the 2021 peer review include:

Fitch’s U.S. Public Power Peer Review is a point-in-time assessment of Fitch-rated public power utilities. It assists market participants in making their own comparisons among the recent financial performance of wholesale and retail public power systems, and rural electric cooperatives. It is accompanied by the 2021 Fitch Analytical Comparative Tool (FACT) for Public Power, an interactive tool that provides enhanced trend analysis and peer comparison tables.

The full report, “2021 U.S. Public Power Peer Review,” is available at


Dennis Pidherny
Managing Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004

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