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Article: Fitch: No Rating Action After Lakeland Electric's Major Unit Outage.
- Article from:
- Business Wire
- Article date:
- July 25, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch currently rates Lakeland, FL's (Lakeland Electric) $498 million outstanding electric revenue bonds is 'A+' with a Negative Outlook. On June 10, 2005, Lakeland Electric experienced a major unit outage when a broken rotor caused the utility's McIntosh Unit 5 power plant to be unexpectedly taken out of service. Although Fitch recognizes that the generating unit is an important part of Lakeland Electric's power supply, this event will not materially affect Lakeland Electric's credit profile. The utility has sufficient liquidity to mitigate potential short-term financial pressure caused by the outage. In addition, cash reserves used to absorb outage costs ...