For Immediate Release                                                                                                             Contact: Chris Sims

March 11, 2009                                                                                                               Phone: 806-775-2502

 Lubbock Power & Light Receives a Bond Ratings Upgrade

(Lubbock, TX) – Lubbock Power & Light (LP&L) recently received a ratings upgrade from Fitch Ratings, a leading global rating agency.  Fitch boosted LP&L’s rating from a ‘BBB+’ to ‘A-’ for the City of Lubbock’s $16.5 million of outstanding electric light and power system revenue bonds.

The upgrade to ‘A-‘ is primarily based on LP&L’s continued financial improvement.  The electric company has continued to remain competitive by gaining 8,000 new electric customers since 2006.  LP&L is one of the few municipal electric utilities that have direct competition for customers.

LP&L is a municipally-owned entity of the City of Lubbock that is separately governed by an electric utility board.  Fitch’s upgrade is a reflection of LP&L’s dedication to saving money for their customers while delivering the most reliable service.  Fitch’s bond rating applies exclusively to LP&L and no other city entity.

LP&L has approximately 200 employees working toward generating and distributing electrical service for the citizens of Lubbock.  LP&L has provided the lowest electric rates and most reliable electricity in Lubbock for more than 90 years.  For more information, visit www.lpandl.com.

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