Fitch gives Memphis, Tenn., electric system bonds AA rating

Fitch Ratings said it assigned Memphis Light, Gas and Water, Tenn.'s $92.37 million electric system subordinate revenue refunding bonds, series 2008, a rating of AA.

The 2008 bonds are expected to sell on June 17. The outlook is stable.

Proceeds will be used to refund outstanding 2003B bonds that were issued as auction-rate securities.

Fitch also affirmed the AA rating on the agency's $16.9 million of outstanding senior-lien electric system revenue bonds and $1.1 billion of subordinate-lien electric system revenue bonds (pre-paid electricity bonds).

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