Moody's rates Piedmont Municipal Power, S.C., bonds Aaa/VMIG1

Moody's Investors Service said it assigned the rating of Aaa/VMIG1 to the Piedmont Municipal Power Agency, S.C., electric revenue bonds, series 2008B, 2008C and 2008D.

Sale of the $107.9 million series 2008B bonds, $90 million 2008C bonds and $30 million 2008D bonds was expected on May 22.

The long-term portions of the ratings are based upon the bond insurance policies provided by Assured Guaranty Corp. The short-term portions of the ratings are based on the standby bond purchase agreements provided by Dexia Credit Local.

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