Moody’s announces completion of a periodic review of ratings of Connecticut Municipal Electric Energy Coop.

Announcement of Periodic Review: Moody’s announces completion of a periodic review of ratings of
Connecticut Municipal Electric Energy Coop.

26 Feb 2020

New York, February 26, 2020 — Moody’s Investors Service (“Moody’s”) has completed a periodic
review of the ratings of Connecticut Municipal Electric Energy Coop. and other ratings that are
associated with the same analytical unit. The review was conducted through a portfolio review in
which Moody’s reassessed the appropriateness of the ratings in the context of the relevant
principal methodology(ies), recent developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a rating committee. Since 1 January
2019, Moody’s practice has been to issue a press release following each periodic review to announce
its completion.

This publication does not announce a credit rating action and is not an indication of whether or
not a credit rating action is likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted by this announcement. For any
credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page
on www.moodys.com for the most updated credit rating action information and rating history.

Key rating considerations are summarized below.

Connecticut Municipal Electric Energy Cooperative’s (CMEEC) Aa3 revenue bond ratings reflect the
benefits of producing stable and predictable revenue and cash flow through strong all requirements
take-or-pay contracts with members and other power supply contracts with participants whose
weighted average creditworthiness approximates A1. The rating also considers that CMEEC provides
safe and reliable power supply and transmission services under reasonably competitive rates in
comparison to similar service providers in the region and is likely to maintain its historically
sound liquidity, coverage and debt ratios because it has no apparent incremental debt financing
needs for the next several years. These credit supportive traits remain intact as CMEEC transitions
under the leadership of a new CEO appointed in December 2019 and seeks to further distance itself
from the credit negative overhang of the termination of its former CEO that occurred following the
November 2018 federal indictments against several senior officials alleging conspiracy and misuse
of CMEEC funds.

This document summarizes Moody’s view as of the publication date and will not be updated until the
next periodic review announcement, which will incorporate material changes in credit circumstances
(if any) during the intervening period.

The principal methodology used for this review was US Municipal Joint Action Agencies Methodology
published in August 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of
this methodology.

This announcement applies only to EU rated and EU endorsed ratings. Non EU rated and non EU
endorsed ratings may be referenced above to the extent necessary, if they are part of the same
analytical unit.

This publication does not announce a credit rating action. For any credit ratings referenced in
this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the
most updated credit rating action information and rating history.

Kevin Rose Lead Analyst Project Finance
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Kurt Krummenacker MANAGING DIRECTOR
Project Finance
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody’s Investors Service, Inc. 250 Greenwich Street
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JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

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