Moody's gives A2/VMIG1 to San Miguel Electric Coop bonds

Moody's Investors Service said it assigned the rating of A2/VMIG1 to the $77.2 million series 2008 variable-rate pollution control refunding revenue bonds issued by Atascosa County Industrial Development Corp. for the San Miguel Electric Cooperative, Inc. Project in Texas. The outlook is stable.

The bonds are due June 30, 2020.

Proceeds will be used to redeem the entire outstanding principal amount of series 1984 Nueces River Industrial Development Authority unit priced demand adjustable pollution control refunding revenue bonds issued for San Miguel Electric Cooperative, Inc. Project.

The long-term portion of the rating is based upon the guaranty provided by the National Rural Utilities Cooperative Finance Corp., and the short-term rating is based on a standby bond purchase agreement provided by the same entity.

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