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American Municipal Power Inc., Ohio; Wholesale Electric Dec 10
Standard & Poors, Dec 2010
Abstract
Standard & Poor's Ratings Services has assigned its 'A/NR' rating to American Municipal Power Inc., (AMP) Ohio's $355 million electric revenue bonds (Meldahl hydroelectric project), series 2010E (taxable Build America Bonds). The outlook is stable. The bonds are variable-rate, with the short-term rate equal to the one-month London Interbank Offering Rate (LIBOR) plus 2.5%. There will be weekly resets through a June 1, 2011, conversion date, at which point the cooperative will reoffer the bonds in a fixed rate mode. At conversion, bondholders will have the option to tender the bonds. However, a failure to remarket the bonds is not an event of default, and AMP is not obligated to purchase the tendered bonds in the event of a failed...
Companies mentioned in this report are: American Municipal Power Inc.,Hamilton,Cleveland Pub Pwr
Action: New Rating
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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