Moody's rates Florida Municipal Power bonds A1

Moody's Investors Service said it assigned an A1 rating to the $397.794 million series 2008A all-requirements power supply project refunding revenue bonds issued by the Florida Municipal Power Agency.

The expected sale date is Aug. 7.

The bonds are the first part of the agency's debt restructuring to refund its outstanding auction-rate bonds. Proceeds will also partially finance the construction of Cane Island IV, a natural gas-fired combined cycle generation facility, and other projects.

The agency plans to issue other revenue bonds to refund existing auction-rate debt, including most of its Stanton, St. Lucie and Stanton II revenue bonds.

Moody's affirmed the A1 rating on $616.175 million outstanding project revenue bonds, including $66.625 million Stanton Project revenue bonds, $30.82 Tri-Cities Project revenue bonds and $183.06 million Stanton II Project bonds. Moody's rates the $262 million St. Lucie Project bonds A2. The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.