This document is regularly updated.
Rates at a Glance
IBR - PA Tax-Exempt Borrowing Rates 6/06/2022
| Term | AA | A | BBB |
|---|---|---|---|
| 1 | 2.48 | 2.58 | 3.03 |
| 5 | 3.16 | 3.26 | 3.61 |
| 10 | 3.12 | 3.22 | 3.67 |
| 15 | 3.69 | 3.79 | 4.29 |
| 20 | 3.96 | 4.06 | 4.61 |
IBR - PA Taxable Borrowing Rates 6/06/2022
| Term | AA | A | BBB |
|---|---|---|---|
| 1 | 2.78 | 2.93 | 3.68 |
| 5 | 3.58 | 3.98 | 4.46 |
| 10 | 3.47 | 3.82 | 4.42 |
| 15 | 4.01 | 4.24 | 4.94 |
| 20 | 4.28 | 4.51 | 5.26 |
The table above provides indicative borrowing rates for a PennSEF project based on the current credit rating of a participant’s General Obligation bonds (the column headings) and the term of the bond. The values in the table are derived from recent actual bond rates that correspond to each credit rating and term. However, the values shown have been adjusted in light of the Pennsylvania Guaranteed Energy Savings Act requirement that the financing lease obligations used in PennSEF projects be made subject to appropriation.
The subject-to-appropriation requirement can protect the participant in certain circumstances, but it results in rates shown in the table that are slightly higher than rates for General Obligation bonds. As a rule, the rates shown reflect a one rating-category reduction from the participant’s credit rating for General Obligation bonds.