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American Municipal Power Inc., OH, Electric Revenue Bonds 2010E Assigned 'A/NR' Rating; Outlook Stable Dec 10
Standard & Poors, Dec 2010
Abstract
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
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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