Table 11. Assumed Additional Borrowing Costs for the Bonneville
Power Administration Under Different Credit Ratings, 1998
| Type of Debt and Support Values Underlying Interest Rate Differentials | Assumed Additional Borrowing Costs (Thousand 1999 Dollars) | |||
| Appropriated Debt | ||||
| Treasury(+)/Aaa Utility Rate | 5,399.4 | -- | -- | -- |
| Treasury(+)/Aa Utility Rate | -- | 20,022.6 | -- | -- |
| Treasury(+)/A Utility Rate | -- | -- | 34,465.8 | -- |
| Treasury(+)/Baa Utility Rate | -- | -- | -- | 52,373.7 |
| Long-Term Debt | ||||
| Treasury(+)/Aaa Utility Rate | 3,034.8 | -- | -- | -- |
| Treasury(+)/Aa Utility Rate | -- | 11,254.0 | -- | -- |
| Treasury(+)/A Utility Rate | -- | -- | 19,372.1 | -- |
| Treasury(+)/Baa Utility Rate | -- | -- | -- | 29,437.4 |
| Non-Federal Projects Debt | ||||
| Municipal Aa/Municipal A | 15,682.3 | -- | -- | -- |
| Municipal Aa/Municipal Baa | -- | -- | -- | 34,458.8 |
| Total | 24,116.5 | 31,276.6 | 53,837.9 | 116,269.9 |
| Notes: Most of the dollar values appearing in this report have been converted to 1999 dollars using the
Gross Domestic
Product (GDP) deflator. The GDP deflator was applied to companies' prior year loan and interest data. Although the values
on the companies' balance sheets and income statements do not change from year to year, the purpose of the calculation
was to estimate Federal Government support in a consistent framework. The framework chosen was the value of Federal
Government support in terms of its 1999 purchasing power. The 1999 GDP deflator was 22 percent higher than the 1990
value and 1 percent higher than the 1998 value. The Treasury(+) rate includes BPA's 78 basis point premium over the
corresponding Treasury securities in 1998. Sources: Bonneville Power Administration, Annual Report 1998 (1999); Moody's Investor Service, Utility Manual 1998; and Federal Reserve, Form H-15. | ||||
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File last modified: July 10, 2000
URL: http://www.eia.doe.gov/oiaf/servicerpt/subsidy1/tbl_11.html
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