November 8, 2022
Energy Harbor Receives Investment Grade Rating from Fitch Ratings
Akron, Ohio, November 8, 2022 – Energy Harbor Corp. announced today that the company has received an investment grade rating of BBB with a Stable outlook from Fitch Ratings (“Fitch”). Fitch’s report notes that Energy Harbor’s leverage is lower than its peer group as a result of “the beneficial effects of higher power prices on EBITDA along with low debt levels.” Fitch also highlighted the strengthening effect of the recently enacted Inflation Reduction Act of 2022 mechanism which Fitch indicated “would provide a high degree of revenue visibility.”
Tanya Rohauer, Senior Vice President, Commercial Finance and Treasurer of Energy Harbor said, “We appreciate the thoughtful diligence from the team at Fitch Ratings to understand the low leverage, high quality cash flow and low carbon footprint that drives Energy Harbor’s business model.” Energy Harbor’s Executive Vice President and Chief Financial Officer, Jason Petrik added, “We are pleased Fitch Ratings recognized the value and stability provided to our stakeholders through our balance sheet strength, our transition to a 100 percent carbon free power generator and infrastructure company in 2023 and our stable retail platform that serves nearly one million customers.”
Forward Looking Statements and Further Information
This press release contains “forward-looking statements.” All statements, other than statements of historical facts, that are included in this press release that address activities, events, or developments that Energy Harbor Corp. (the “Company”) expects or anticipates to occur in the future (often, but not always, through the use of words or phrases such as “intends,” “plans,” “will likely result,” “are expected to,” “could” and “will continue”), are forward-looking statements. Although the Company believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and is qualified in its entirety by reference to the discussion of risk factors under “Risk Factors” available on the Investor Website (as described below) and the following important factors, among others, that could cause the Company’s actual results to differ materially from those projected in such forward-looking statements: the actions and decisions of regulatory authorities; economic conditions and power pricing within the Company’s territories and markets; the Company’s ability to accomplish or realize anticipated benefits from strategic and financial goals; the uncertainties associated with the deactivation of remaining commodity-based generating units, including the impact on vendor commitments, and as it relates to the reliability of the transmission grid, the timing thereof; the risks and uncertainties associated with litigation, arbitration, mediation and like proceedings, including with respect to the timing and amounts of the capital expenditures that may arise in connection with any such proceedings; changes in customers’ demand for power; and weather conditions affecting future sales, margins and operations.
Any forward-looking statement included in this press release speaks only as of the date hereof, and except as may be required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for the Company to predict all of them; nor can the Company assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not rely on such forward-looking statements.
Further information regarding the Company will be available at www.energyharbor.com under the heading www.energyharbor.com/ir (the “Investor Website”). The Company advises that holders of the Company’s securities should review all available information before making any decisions whether to buy or sell any of the Company’s securities. Any information in any materials posted on the Investor Website in the future will automatically update and, where applicable, modify or supersede the information contained in this press release and any other information previously posted on the Investor Website.