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IPA's revenue refunding bonds assigned AA-minus rating

Fitch Ratings of New York has assigned a AA-minus rating to the Intermountain Power Agency's proposed $310 million power supply revenue refunding bonds.

IPA's $2.1 billion in outstanding bonds have been upgraded to AA-minus from A-plus and $386 million in commercial paper have been upgraded to F1-plus from F1. The rating outlook is "stable."

The bonds are scheduled to price Thursday, with Goldman, Sachs & Co. as lead underwriter.

Fitch said the upgrade "reflects considerable cost reductions at its generating facility in recent years, resulting in a more competitive delivered wholesale power cost . . . and consistently above-average plant operating performance."

IPA operates the Intermountain Power Project, a coal-fired electricity generation plant near Delta that provides power to 37 Utah and California participants/purchasers via long-term contracts.