Moody's assigns A2 to MEAG Power bonds

Moody's Investors Service said it assigned an A2 subordinate-lien rating and stable outlook to the Municipal Electric Authority of Georgia's (MEAG Power) $24.1 million general resolution project subordinated bonds, series 2008A, and A2 rating on the $130 million project one subordinated bonds, series 2008A.

If market conditions improve, MEAG Power may also issue long-term bonds to retire some of its outstanding commercial paper notes.

The bonds are expected to be priced July 8 or July 9.

Moody's also affirmed the credit rating of A1 on MEAG Power's outstanding $1.3 billion of senior-lien revenue bonds and the A2 rating on MEAG Power's outstanding $2.2 billion subordinate-lien bonds.

Project one subordinated bonds, series 2008 A, will refund project one subordinated bonds, series 2000C, D and E bonds. The general resolution project subordinated bonds, series 2008A, will refund a portion of the general resolution project subordinated series 2000B bonds.

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