trending Market Intelligence /marketintelligence/en/news-insights/trending/at_vemqfnqlhpza8quftjq2 content esgSubNav
In This List

Moody's assigns Baa2 issuer rating to Marin Clean Energy

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Using ESG Analysis to Support a Sustainable Future

Research

US utility commissioners: Who they are and how they impact regulation

Blog

Q&A: Datacenters: Energy Hogs or Sustainability Helpers?


Moody's assigns Baa2 issuer rating to Marin Clean Energy

Moody's on May 16 assigned a first-time Baa2 issuer rating with a stable outlook to Marin Clean Energy, a nonprofit provider of retail electric generation services, headquartered in San Rafael, Calif., with an established operating record as a California Joint Powers Authority.

According to the report, this marks the first credit rating issuance by Moody's for a community choice aggregator, or CCA.

"The Baa2 Issuer Rating reflects the strength of the California Joint Power Agency (JPA) statute and the MCE JPA agreement which together underpin MCE's creation and business model, and help fortify the ongoing stability of its existing customer base. The rating further recognizes the self-regulated rate-setting authority afforded to MCE, its established track record of operations and consistently improving financial performance, and the economic strengths within its growing service territory," Moody's said in the report.

The stable outlook reflects the rating agency's expectations that the CCA business model will remain "intact," along with municipal statutes allowing full cost recovery. Moody's also expects that CCAs will enjoy independent local rate-setting authority and will maintain power procurement risk that will allow for appropriate liquidity targets to support growth.

According to S&P Global Market Intelligence data, Marin Clean Energy was founded in 2008 and was formerly known as Marin Energy Authority. It uses hydroelectric, wind, biogas and solar energy producing projects in California, Washington and Oregon, and serves residential and commercial power users in Marin County and Richmond, Calif.