GREENVILLE - The internationally-recognized Standard & Poor’s (S&P) Ratings Services has upgraded the Greenville Electric Utility System’s credit rating from “A” to “A+” with a stable outlook.
The rating marks the highest rating GEUS has received since the GEUS Board was formed in 1988.
S&P cited several factors in support of the upgrade including Greenville’s increasing economy, GEUS’ solid coverage of fixed costs, escrow funding to offset rising costs, competitive rates and limited capital needs. Also cited was the most recent report by the Department of Energy's Information Administration showing GEUS’ electric rates to be about 15 percent below the state average.
“It is a delicate balance when meeting consumer’s needs with competitive rates and services while also satisfying the credit agencies,” GEUS General Manager David McCalla said, “The GEUS Board has adopted policies of having stable rates while maintaining strong financial performance.”
GEUS became the first municipally-owned electric utility in Texas in 1891. 110 years later it became the first municipally-owned cable television and high speed Internet operation in Texas. GEUS offers these services to the 26,000 plus consumers living in the Greenville area.