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American Municipal Power Inc., OH, Electric Revenue Bonds 2010E Assigned 'A/NR' Rating; Outlook Stable Dec 10
Standard & Poors, December 2010
NEW YORK (Standard & Poor's) Dec. 13, 2010--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. "In part, the rating reflects our view of a take-or-pay power sales contract with 48 of AMP's 128 members; the medium-investment-grade credit profile of the largest participant, the City of Hamilton, Ohio; and manageable construction risk," said Standard & Poor's credit analyst Jeffrey Panger. 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...
Companies mentioned in this report are: American Municipal Power Inc.,Hamilton
Action: New Rating
Action: Outlook: Stable
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Research type: News
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American Municipal Power Inc.,Hamilton