Fitch Ratings raises Tri-State’s outlook, affirms investment-grade ratings  

• Tri-State's outlook revised to Stable as Fitch cites very strong revenue defensibility, a strong operating risk assessment and improved clarity on membership base and financial profile. 

• Member contract extensions to 2066, representing 88% of continuing member load, and FERC acceptance of formulary wholesale rate recognized by Fitch as improving Tri-State's ability to pursue updates to its resource portfolio.  

• Long-term issuer rating affirmed at BBB+ and short-term rating affirmed at F1.  

(July 23, 2025 – Westminster, Colo.) Following the execution of wholesale electric service contract extensions with the vast majority of Tri-State's members and the Federal Energy Regulatory Commission’s acceptance of Tri-State's member-developed formulary wholesale rate, Fitch Ratings today raised Tri-State’s Ratings Outlook to Stable from Negative, and reaffirmed Tri-State's long-term rating at BBB+ and short-term rating at F1. Tri-State’s ratings remain solidly investment grade. 

“The collaborative work of our Board of Directors, and member system directors, trustees and staff, well position Tri-State to deliver reliable and affordable power and energy services to our membership for many decades to come,” said Duane Highley, Tri-State's CEO. “We appreciate Fitch’s recognition of the results driven by the hard work of our members to secure their shared energy future.”      

In raising its outlook for Tri-State, Fitch cites recently executed new contracts with 32 members, extending 88% of continuing member load to 2066, and that the new contracts provide for greater member flexibility by permitting members to self-supply up to 20% of their requirements. Fitch also cited factors including the new formulary rate developed by Tri-State’s members, “materially lower risks relating to potential membership withdrawals,” and "improved clarity on the future of Tri-State’s membership base and financial profile.”  

Fitch noted that the “acceptance of the formulary rate structure by FERC and the contract extensions are expected to improve Tri-State's ability to pursue updates to its resource portfolio while preserving its relatively timely capacity to recover associated capital and operating costs” 

In affirming the BBB+ rating, Fitch said that Tri-State revenue defensibility reflects the cooperative's full requirements, wholesale power sales contracts with its members. Fitch’s “very strong assessment also considers the generally strong credit quality of Tri-State's largest members, with independent rate setting authority and modestly growing customer bases.” 

Fitch said Tri-State’s “power supply resources are sufficient to meet modestly growing member needs, particularly given resources that have been freed up due to membership departures” and that “ongoing efforts to diversify generation (i.e., adding renewables and closing coal-fired generation), along with participation in regional energy imbalance markets and the expected 2026 expansion of  Southwest Power Pool (SPP) into the Western Interconnection, should help Tri-State manage its long power supply position.” 

“The dedicated work of our Tri-State staff to advance our strategic priorities continues to make a real difference for Tri-State and our members.” said Highley. 

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About Tri-State  

Tri-State is a power supply cooperative, operating on a not-for-profit basis, owned by and serving electric distribution cooperatives and public power district member-owners in four states. Together with our members, we deliver reliable, affordable and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the rural West. Visit www.tristate.coop. 

Contact  

Lee Boughey, VP Strategic Communications, 720-670-6696, lee.boughey@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.