Energy Harbor Receives Investment Grade Rating from Standard and Poor’s
Akron, Ohio, May 19, 2020 – Energy Harbor Corp. announced today that the company has received an investment grade rating of BBB– with a Stable outlook from Standard and Poor’s. Standard and Poor’s report stated, “…we expect low cash flow volatility as ZECs, capacity payments, and retail margin constitute about 75% of total cash flow. EH plans to operate the business with minimal net leverage.”
John Kiani, Executive Chairman of Energy Harbor said, “We appreciate the thoughtful diligence from the team at S&P to understand the lower leverage, high-quality cash flow and low carbon footprint that drives Energy Harbor’s resilient business model.” Added Energy Harbor’s Chief Strategy Officer Stephen Burnazian, “We believe the combination of balance sheet strength, focus on our local communities where we consistently re-invest in our reliable, grid critical baseload generation and our focus on best-in-class service for our more than one million retail customers will maximize value for all stakeholders.”
Energy Harbor is a financially secure independent power producer and fully integrated retail energy provider focused on safe, best-in-class operations and financial performance. With its fleet of reliable generating resources, including substantial carbon-free generation, Energy Harbor is well positioned for long-term value creation and competitiveness in a low-carbon future and is focused on enabling a growing customer and stakeholder base to meet their environmental, social and sustainability goals.