S&P Global Ratings, Fitch and Moody’s affirm Tri-State's investment grade ratings, stable outlook  

(August 31, 2026, Westminster, Colo.) All three of Tri-State Generation and Transmission Association’s credit rating agencies have affirmed their investment grade ratings and stable outlooks for the association. These strong results reflect confidence in Tri-State’s formulary rate in particular, along with last year’s contract extensions and strong liquidity. 

Fitch affirmed Tri-State’s BBB+ long term rating and its F-2 short term rating on the cooperative’s commercial paper program and assigned a stable outlook. S&P Global Ratings affirmed its 'BBB' issuer credit rating (ICR), 'BBB' long-term rating and 'A-2' rating on the cooperative’s commercial paper (CP) program, and affirmed Tri-State’s outlook as stable. Moody’s also issued an updated opinion affirming Tri-State’s Baa1 rating of first mortgage bonds, a Baa2 issuer rating and a stable outlook. 

Fitch credited Tri-State’s revenue defensibility, stemming from the association’s all-requirements Wholesale Electric Service Contracts (WESC) and strong member credit quality, and low operating costs among the key highlights of Tri-State’s credit profile. 

S&P noted that Tri-State's formulary rate provides a reliable mechanism for annual cost recovery. It added that Tri-State management has been responsive to member rate sensitivity and held rates virtually unchanged over the past decade, but that the pressures from increasing operating costs and debt service that are affecting all utilities are also impacting Tri-State’s rate forecast. 

Moody’s cited the cooperative’s relatively large-size generation and transmission system, and the revenue diversification from members as key strengths, also noting that the majority of the membership have extended their WESCs through 2066. 

“We were very pleased to see that all three rating agencies affirmed Tri-State's investment grade ratings and stable outlook,” said Tri-State Chief Financial Officer Bryan Davis. “The agencies’ assessments confirm the value of actions taken to enhance Tri-State's financial strength, and we look forward to building on those actions in the future.”  

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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 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, mstutz@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.