Fitch rates Northern Calif. Power hydro project bonds A

Fitch Ratings said it assigned an underlying rating of A to Northern California Power Agency's hydroelectric project number one revenue bonds, including $85.2 million of 2008 refunding series A (variable-rate demand bonds) and $3.3 million 2008 taxable refunding series B (taxable variable-rate demand bonds).

The bonds are expected to close on April 2.

Fitch also affirmed its underlying rating of A on the agency's $476 million outstanding hydroelectric project number one bonds and $52.3 million of outstanding geothermal project number three bonds.

The outlook for the agency is stable.

Bond proceeds, together with other available money, will refund a portion of the agency's outstanding hydroelectric project number one revenue bonds, 1998 refunding series A, and pay costs of issuance of the 2008 bonds.

Fitch anticipates the delivery of irrevocable direct pay letters of credit to support both series of bonds from Dexia Credit Local, for which Fitch will assign ratings on the structure nearer to closing.

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