1. Fitch Ratings assigned CPK a long-term IDR of BBB+ with a stable outlook. 2. The investment grade rating can enhance CPK's capital raising efforts. 3. Chesapeake is focused on financial discipline and growth in investments. 4. Company's diverse energy solutions support overall business stability and growth. 5. Future capital guidance indicates strong expectations for company's growth.
The investment grade rating will likely lead to positive investor sentiment, enhancing CPK's ability to finance and grow, similar to prior cases where credit upgrades correlated with stock price increases.
The inaugural investment grade rating could significantly enhance CPK's financing abilities and growth prospects, driving investor interest and potentially impacting stock price positively.
The credit rating improves long-term financial health by facilitating capital acquisition, comparable to similar instances of companies benefiting from upgraded ratings over a multi-year horizon.
("Chesapeake" or the "Company") today announced that Fitch Ratings ("Fitch") has issued an inaugural investment grade credit rating for the Company.
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.
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.
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
SOURCE Chesapeake Utilities Corporation