ֳ

Credit Summary

Utah Associated Municipal Power Systems (UT) [Horse Butte Project]

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
WDWithdrawn21-Jan-2025Standalone Credit Profile
WDWithdrawn17-Apr-2020Long Term Issuer Default Rating
Key Rating Factors
Revenue Defensibility aa
Operating Risk a
Financial Profile aa
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red

Rating History

Date :21-Jan-202526-Mar-202409-May-202325-May-202218-Jun-202110-Jul-202017-Apr-2020
Rating :WDaa-aa-aa-aa-aa-aa-
Action :WithdrawnAffirmedReview - No ActionReview - No ActionAffirmedReview - No ActionNew Rating

02Rating Actions

03Insights

04Securities and Obligations

Ratings
Rated Entity / Debt  
Ratings  
Entity Details  
Identifiers  
Other Details  
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds (taxable) ser 2017C
Series: 2017C
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328SQ0 (Public)
Maturity Date: 01-Sep-2025
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds ser 2017A
Series: 2017A
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328RQ1 (Public)
Maturity Date: 01-Sep-2026
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds ser 2017A
Series: 2017A
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328RP3 (Public)
Maturity Date: 01-Sep-2025
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds ser 2017A
Series: 2017A
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328RS7 (Public)
Maturity Date: 01-Sep-2028
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds ser 2017A
Series: 2017A
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328RU2 (Public)
Maturity Date: 01-Sep-2030
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds ser 2017A
Series: 2017A
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328RW8 (Public)
Maturity Date: 01-Sep-2032
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds ser 2017A
Series: 2017A
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328RT5 (Public)
Maturity Date: 01-Sep-2029
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds ser 2017A
Series: 2017A
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328RV0 (Public)
Maturity Date: 01-Sep-2031
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds ser 2017A
Series: 2017A
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328RR9 (Public)
Maturity Date: 01-Sep-2027
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Utah Associated Municipal Power Systems (UT) / Wind Revenues - Horse Butte Project
Issuer: Utah Associated Municipal Power Systems (UT)
Bond: (Horse Butte Wind Project) rev rfdg bonds ser 2017B
Series: 2017B
14-Mar-2025
AA-
Review - No Action
Long Term Rating

14-Mar-2025
AA-
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: Utilities and Power; US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 917328SH0 (Public)
Maturity Date: 01-Sep-2036
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
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05Disclosures

Endorsement Status
EU Endorsed, UK Endorsed
Country of ֳ Office
United States
Solicitation Status
Long Term RatingSolicited - Sell Side
Unenhanced Long Term RatingSolicited - Sell Side

06Criteria

08Mar
2024
Expired Criteria
U.S. Public Power Rating Criteria - Effective from March 8, 2024 to February 24, 2025
12Jan
2024
Expired Criteria
U.S. Public Sector, Revenue-Supported Entities Rating Criteria — Effective from January 12, 2024 to January 10, 2025
09Apr
2021
Expired Criteria
U.S. Public Power Rating Criteria - Effective from April 9, 2021–March 3, 2023
23Feb
2021
Expired Criteria
Public Sector, Revenue-Supported Entities Rating Criteria - Effective from February 23, 2021 to September 1, 2021

07Analysts

Divya Bali
Primary Rating Analyst

Dennis Pidherny
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5
Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4
Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2
Irrelevant to the entity rating but relevant to the sector.
1
Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red