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American Municipal Power Inc., Ohio; Wholesale Electric May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services has revised its rating on American Municipal Power Inc. (AMP), Ohio's $355 million electric revenue bonds (Meldahl hydroelectric project), series 2010E (taxable Build America Bonds) to 'A' from 'A/NR'. At the same time, Standard & Poor's affirmed its 'A' rating on parity obligations outstanding issued for the Meldahl project. The outlook is stable. The rating revision reflects our view of the expected remarketing conversion of the bonds from variable-rate to fixed-rate mode on May 18, 2011. The bonds had previously been offered in a variable-rate mode, with short-term rate equal to the one-month LIBOR plus 2.5%, with weekly resets. At conversion, bondholders will have the option to tender the bonds. However, a failure to remarket...
Companies mentioned in this report are: American Municipal Power Inc.,Hamilton,Cleveland Pub Pwr
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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