El Paso Electric Company: City Council Rejection of El Paso Electric Proposed Rate Increase is Credit Negative
INFRASTRUCTURE AND PROJECT FINANCE ISSUER COMMENT 15 June 2017 RATINGS El Paso Electric Company Issuer Rating Baa1 Senior Unsecured Rating Baa1 Outlook Stable Source: Moody's Investors Service KEY METRICS: El Paso Electric Company 12/31/2014Â 12/31/2015Â 12/31/2016 CFO pre-WC + Interest / Interest 4.7x 4.3x 4.4x CFO pre-WC / Debt 18.7%El Paso Electric is a public utility engaged in the generation, transmission and distribution of electricity in west Texas and southern New Mexico. The company also serves wholesale customers in Texas. The company distributes electricity to retail customers principally in El Paso, TX and Las Cruces, NM. In addition, the company's wholesale sales include sales for resale to other electric utilities and power marketers. Principal industrial, public authority and other retail customers of the company includes U.S. military installations, such as Fort Bliss in Texas and White Sands Missile Range and Holloman Air Force Base in New Mexico, an oil refinery, medical centers, universities and a steel production facility.
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