S&P: Empire District unaffected

Standard & Poor's said Empire District Electric Co.'s (BBB-/stable/A-3) completion of its previously announced consent solicitation to amend a covenant in the company's first mortgage bond indenture does not affect its ratings or outlook.

The consent provides Empire flexibility to pay common dividends in excess of retained earnings, according to the agency, and the amendment increases the basket available to pay dividends by $10.75 million. Less-than-adequate recovery of expenses has weakened Empire's financial performance.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.