Moody's lifts Hoosier Energy

Moody's Investors Service said it upgraded the issuer rating of Hoosier Energy Rural Electric Cooperative, Inc. to Baa1 from Baa2.

The outlook is stable.

"The upgrade of Hoosier's senior unsecured issuer rating reflects myriad factors, including satisfactory resolution of past litigation with John Hancock related to an off balance sheet lease transaction, significantly improved liquidity and sound financial metrics, which have resulted from support for periodic rate increases by the cooperative's board," Moody's vice president Kevin Rose said in a statement.

"Moreover, despite a significant capital program that lies ahead, which is anticipated to require additional new debt financing, Hoosier has additional financing flexibility under its new indenture of mortgage," Rose added.

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