Fitch gives F1 to Alabama Electric bonds

Fitch Ratings said it confirmed the A long-term rating and assigned a short-term rating of F1 to the $50 million Industrial Development Board of the Town of Chatom Gulf opportunity zone bonds (Alabama Electric Cooperative Inc. Project), series 2007A.

The rating actions were taken in connection with the conversion of the interest rate on the bonds from an auction-rate to a semiannual mode, the provision of a standby purchase agreement to provide liquidity support for the bonds, and the reoffering of the bonds.

The bonds are expected to be delivered around May 30.

Proceeds of the series 2007A bonds were used to finance a portion of the costs of certain environmental facilities serving the Charles R. Lowman power plant, a 556 mw coal-fired facility.

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