Fitch Ratings affirms Tri-State's outlook, strong investment grade ratings

(July 13, 2026 – Westminster, Colo.) Fitch Ratings affirmed Tri-State Generation and Transmission Association’s long-term issuer rating at BBB+, with a stable ratings outlook. Fitch also affirmed Tri-State’s short-term rating at F1. Tri-State’s credit ratings remain strong investment grade.  

“We are pleased Fitch Ratings has affirmed Tri-State’s strong investment grade credit ratings. At a time of significant industry uncertainty, rising capital needs and inflationary cost pressures, Fitch’s review highlights important Tri-State strengths, including our revenue defensibility, contract termination payment certainty and formula rate benefits, which ensure the cooperative’s long-term financial health and stability,” said Tri-State Chief Financial Officer Bryan Davis. 

In affirming Tri-State’s outlook, Fitch cited Tri-State's strong revenue defensibility, which reflects the cooperative's full-requirements wholesale power sales contracts with its members. Tri-State executed new contracts with 32 members in 2025, extending 88% of continuing member load to 2066. 

The assessment also considers the generally strong credit quality of Tri-State's largest members, who have independent rate-setting authority and modestly growing customer bases. Tri-State is Federal Energy Regulatory Commission jurisdictional, and its accepted rate mechanism that provides for timely recovery of operating and capital costs, Fitch noted.  

Fitch also notes that Tri-State's strong operating risk assessment is driven by its consistently low operating cost burden, which Fitch calculated at 8.6 cents per kilowatt-hour in 2025. Fitch noted that “ongoing efforts to diversify generation should help Tri-State manage its long power supply position and meet its power supply transition targets.” 

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About Tri-State    

Tri-State is a wholesale power supply cooperative, operating on a not-for-profit basis, with electric distribution cooperatives and public power district members in four states, including Colorado, Nebraska, New Mexico and Wyoming. Together with its members, Tri-State delivers reliable, affordable and responsible power and energy services to nearly a million electricity consumers across roughly 200,000 square miles of the West.    

Contact    

Amy Robertson, 303-254-3743, amy.robertson@tristategt.org       

Mark Stutz, 303-254-3183, mark.stutz@tristategt.org       

Certain information contained in this press statement are forward-looking statements including statements concerning Tri-State’s plans, future events, and other information that is not historical information. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described from time to time in Tri-State’s filings with the Securities and Exchange Commission. Tri-State’s expectations and beliefs are expressed in good faith, and Tri-State believes there is a reasonable basis for them. However, Tri-State cannot assure you that management’s expectations and beliefs will be achieved. There are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from the forward-looking statements contained herein.