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BPA-Backed Bonds get High Ratings by News Service Business Journal of Portland, March 27, 2006

The three major bond rating agencies have given Energy Northwest bonds and all other nonfederal debt backed by the Bonneville Power Administration high investment grade ratings.

Standard & Poor's and Fitch Ratings both reaffirmed AA- ratings for Energy Northwest bonds backed by BPA.

Moody's Investors Service continued its Aaa rating. All three attributed the strong ratings to a stable credit outlook supported by BPA's business fundamentals. These include such factors as low-cost federal hydropower supplies, strong market prices for electricity and the seniority of Energy Northwest debt.

BPA currently backs $6.2 billion in bonds issued by Energy Northwest for construction of nuclear generating projects in the Northwest. Energy Northwest owns and operates the Columbia Generating Station at Hanford in Washington.