Moody's rates Ohio Power pollution control bonds Aaa/VMIG1

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the West Virginia Economic Development Authority's $100 million pollution control revenue refunding bonds issued for the Ohio Power Co.

Series 2008C and 2008B, at $50 million each, will fund the power company's Sporn and Kammer projects, respectively. The expected sale date is June 20 for both series.

The series 2008C rating is based on a letter of credit from JPMorgan Chase Bank NA, rated Aaa for its long-term bank deposits. The series 2008B rating is based on a letter of credit from the Royal Bank of Scotland, whose long-term rating is under review. Moody's rates both banks Prime-1 for short-term deposits. Moody's maintains a rating of A3 on Ohio Power Co.

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