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S&P upgrades Old Dominion Electric's issuer credit rating

S&P Global Ratings upgraded Old Dominion Electric Cooperative's issuer credit rating and its ratings on $550 million of bonds to A+ from A. The rating agency also revised its outlook on the utility to stable from positive.

The upgrade reflects the cooperative's strong financial performance, robust debt-to-capitalization ratio, anticipated lower reliance on purchased energy, a highly residential customer base and long-term wholesale electricity contracts, the cooperative said in an Oct. 5 release.

The stable outlook "reflects projections that reasonably suggest that the combination of a smaller capital program, modest load growth and limited rate increases could lead to financial metrics through 2022," the rating agency said in an Oct. 2 note.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.