CHESAPEAKE UTILITIES CORPORATION RECEIVES INAUGURAL INVESTMENT GRADE CREDIT RATING FROM FITCH
Rhea-AI Summary
Chesapeake Utilities (NYSE: CPK) has received its first investment grade credit rating from Fitch Ratings. The company was assigned a BBB+ Long-Term Issuer Default Rating with a Stable outlook, while its senior unsecured debt received an A- instrument rating.
Beth Cooper, Executive Vice President, Chief Financial Officer, highlighted the company's track record of delivering top-tier investor returns through significant capital investment while maintaining prudent balance sheet management. The investment grade rating is expected to enable more efficient capital raising to support future growth plans.
Positive
- Received BBB+ investment grade credit rating with Stable outlook from Fitch
- Senior unsecured debt received A- instrument rating
- Strong track record of delivering top-tier investor returns
- Demonstrates solid balance sheet management and financial discipline
- Enhanced ability to raise capital more efficiently for growth plans
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, CPK declined 1.14%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Fitch has assigned a Long-Term Issuer Default Rating ("IDR") of BBB+ to the Company with a Stable outlook and an A- instrument rating to Chesapeake's senior unsecured debt.
"The Company has a long track record of delivering top tier returns for investors driven by significant capital investment while at the same time prudently managing its balance sheet and capital structure. The Company's future capital and earnings guidance demonstrate our expectation for strong future growth. Securing a rating was the next logical step in expanding our access to financing. Our mix of strong regulated businesses, continued commitment to a strong balance sheet, and financial discipline supported an investment grade credit rating from Fitch, which will enable us to raise capital more efficiently as we execute on our future growth plans," said Beth Cooper, Executive Vice President, Chief Financial Officer Treasurer and Assistant Corporate Secretary.
Fitch announced the first-time ratings for Chesapeake Utilities Corporation, with additional details, in a press release issued on March 10, 2025.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses.
For more information, contact:
Beth W. Cooper
Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary
302.734.6022
Michael D. Galtman
Senior Vice President and Chief Accounting Officer
302.217.7036
Noah T. Russell
Assistant Vice President and Assistant Treasurer
302.387.9147
Lucia M. Dempsey
Head of Investor Relations
347.804.9067
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SOURCE Chesapeake Utilities Corporation
FAQ
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