Moody's lifts Catawba, N.C., power bonds to A2

Moody's Investors Service upgraded to A2 from A3 the rating on the North Carolina Municipal Power Agency Number 1's outstanding $1.7 billion of Catawba revenue bonds.

At the same time, Moody's said it assigned an underlying rating of A2 with a stable outlook to the agency's $524.595 million of Catawba electric revenue bonds, series 2008 A, B (taxable) and C.

The bonds are expected to be priced the week of May 5.

Moody's said the upgrade was based on the improving credit profile of the agency's participations, which have an average weighted credit quality of A2, as well as its improved market position, strong financial position and focus on risk management.

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