On Oct. 4, Alameda Municipal Power (AMP) earned a credit rating upgrade from Fitch Ratings based on the utility’s strong financial performance.

The upgrade from Fitch moves AMP’s rating from AA- to AA with a stable outlook. In a press release on AMP’s upgrade, Fitch Ratings noted AMP’s rate affordability is very strong, with rates 35% below the neighboring investor-owned utility rates. Fitch also pointed out AMP’s commitment to the environment and renewable energy, noting “AMP’s power supply consists entirely of purchased power designed to meet the city’s goal of 100% clean energy which was achieved in 2020, well ahead of state renewable and GHG mandates.”

“I am thrilled that the work we have done to maintain Alameda’s electric system in a reliable and financially prudent manner is reflected in this upgrade,” AMP General Manager Nicolas Procos said. “To join the ranks of the highest rated public utilities in California while providing 100% clean energy reaffirms that the work AMP is doing on behalf of ratepayers has been successful.”

AMP’s AA Fitch rating places it among the top tier of electric utilities in the state. This rating increase comes at a time when an increasing number of utilities are experiencing ratings downgrades due to economic instability and a looming potential recession.