Fitch lifts Catawba Electric, N.C., bonds to A

Fitch Ratings said it upgraded to A from A- the North Carolina Municipal Power Agency No. 1's $1.7 billion of outstanding Catawba Electric revenue bonds.

At the same time, Fitch said it assigned the A rating to the agency's $324 million of Catawba Electric revenue bonds, refunding series 2008A, refunding series 2008B (federally taxable) and series 2008C.

The bonds are expected to price on May 7.

The outlook is stable.

Fitch said the upgrade reflected the agency's consistent financial performance, solid resource base, strong take-or-pay contracts with its 19 member systems and flexible supplemental power supply arrangements.

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