• On 21 May 2013, Moody’s announced rating actions on MBIA Insurance Corp., National Public Finance Guarantee Corp., MBIA Inc. and other related entities. Because of the large number of credits across several asset classes affected by these rating actions, including Moody's-rated securities that are guaranteed or "wrapped" by these companies, ratings appearing on this website may not yet reflect current information. For current information on affected credits, please visit www.moodys.com/fig.
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Related Issuers
American Municipal Power, Inc.
American Municipal Power, Inc., OH- Electricity Purchase Revenue Bonds, Series 2007A, $307.550MM
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Rating Action:

MOODY'S PLACES UNDER REVIEW FOR DOWNGRADE THE LONG-TERM RATINGS OF 24 GAS PREPAYMENT BONDS

Global Credit Research - 17 Feb 2012

APPROXIMATELY $17.8 BILLION OF OUTSTANDING DEBT AFFECTED

New York, February 17, 2012 -- Moody's Investors Service has placed the long-term ratings of the below listed gas prepayment bonds under review for downgrade (The "Bonds"). On February 15, 2012 Moody's placed the long-term ratings of Citigroup, Inc., Credit Agricole Corporate & Investment Bank, JPMorgan Chase & Co., Merrill Lynch & Co., Morgan Stanley, BNP Paribas, Royal Bank of Canada and Societe Generale under review for downgrade. These entities support certain payment obligations of the Bonds. Please use the following link to access Moody's announcement of these bank reviews:

(1) http://www.moodys.com/research/Moodys-Reviews-Ratings-for-Banks-and-Securities-Firms-with-Global--PR_238006; and

(2) http://www.moodys.com/research/Moodys-Reviews-Ratings-for-European-Banks--PR_237914.

Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139917 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected debt.

Affected Gas Pre-Payment Bond Issues

(1) Southeast Alabama Gas District Supply Project Variable Rate Revenue Bonds, Series 2007A

(2) Lower Alabama Gas District Gas Supply Variable Rate Revenue Bonds, Series 2007A

(3) Public Energy Authority of Kentucky, Inc. Variable Rate Gas Supply Revenue Bonds, Series 2007A-1 and Series 2007A-2

The long-term ratings of A1 on issues (1) -- (3) listed above are placed under review for downgrade. The VMIG 1 short-term ratings are not affected. The long-term ratings on these issues are based upon the credit quality of Societe Generale (A1 under review for downgrade) as gas supplier guarantor and as interest rate swap provider.

(4) New Mexico Municipal Energy Acquisition Authority Gas Supply Variable Rate Revenue Bonds, Series 2009

(5) Lancaster Port Authority Gas Supply Variable Rate Revenue Bonds, Series 2008

(6) Main Street Natural Gas, Inc. Gas Project Variable Rate Revenue Bonds, Series 2010

(7) Central Plains Energy Project Gas Project Variable Rate Revenue Bonds (Project No. 2), Series 2009

(8) California Statewide Communities Development Authority Gas Supply Revenue Bonds, Series 2010

The long-term ratings of Aa1 on issues (4) -- (8) listed above are hereby placed under review for downgrade. The VMIG 1 short-term ratings are not affected. The long-term ratings on these issues are based upon the credit quality of Royal Bank of Canada (Aa1 under review for downgrade) as (i) the supplier under the gas purchase agreement and (ii) the interest rate swap provider.

(9) Texas Municipal Gas Acquisition & Supply Corporation II Gas Supply Revenue Bonds, Series 2007A & 2007B

(10) Indiana Bond Bank Gas Revenue Bonds, 2007

(11) Municipal Energy Acquisition Corp. Gas Revenue Bonds, Series 2006A & 2006B

(12) Main Street Natural Gas, Inc. Gas Project Revenue Bonds, Series 2006A

The long-term ratings of Aa3 on issues (9) -- (12) are placed under review for downgrade. The long-term ratings on these issues are based upon the credit quality of JPMorgan Chase & Co. (Aa3 under review for downgrade) as gas supplier guarantor. In addition, issues (9) - (11) are subject to the credit quality of BNP Paribas (Aa3 under review for downgrade) and issue (12) is subject to the credit quality of Credit Agricole Corporate & Investment Bank (Aa3 under review for downgrade) in each case as commodity swap provider.

(13) Tennessee Energy Acquisition Corporation Gas Project Revenue Bonds, Series 2006A

(14) American Municipal Power, Inc., OH Electricity Purchase Revenue Bonds, 2007A

(15) Salt Verde Financial Corporation, AZ Senior Gas Revenue Bonds, 2007

The long-term ratings of A2 on issues (13) and (14) and A3 on issue (15) are placed under review for downgrade. The long-term ratings of A2 on issues (13) and (14) are based upon the credit quality of Citigroup Inc. (A3 under review for downgrade) as guaranteed investment agreement provider. The long-term rating of A3 on issue (15) is based upon the credit quality of Citigroup Inc. as gas supplier guarantor.

(16) Northern California Gas Authority No. 1 Gas Project Revenue Bonds, Series 2007B

The long-term rating of A2 on the above issue (16) is placed under review for downgrade. The long-term rating on this issue is based upon the credit quality of Morgan Stanley (A2 under review for downgrade) as gas supplier guarantor.

(17) Roseville Natural Gas Financing Authority, CA Gas Prepayment Revenue Bonds, Series 2007A

(18) Main Street Natural Gas, Inc. Gas Project Revenue Bonds, Series 2006B

(19) Main Street Natural Gas, Inc. Gas Project Revenue Bonds, Series 2007A

(20) Public Authority for Colorado Energy Natural Gas Purchase Revenue Bonds, Series 2008

(21) Natural Gas Acquisition Corporation of the City of Clarksville, TN Gas Revenue Bonds, Series 2006

(22) Long Beach Bond Finance Authority Natural Gas Purchase Revenue Bonds, Series 2007A & 2007B

(23) Texas Municipal Gas Acquisition & Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A & 2006B

(24) Texas Municipal Gas Acquisition & Supply Corporation I, Gas Supply Revenue Bonds, Series 2008D

The long-term rating of Baa1 on issues (17) -- (24) listed above are placed under review for downgrade. The long-term ratings on these issues are based upon the credit quality of Merrill Lynch & Co. (Baa1 under review for downgrade) as gas supplier guarantor.

The methodologies used in these ratings were Gas Prepayment Bonds published in December 2008, and Methodology Update: Ratings that Rely on Guaranteed Investment Contracts published in December 2008. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country which has not been recognized as endorsable at this date, this credit rating is deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings and public information.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see for each issuer the ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Joann Hempel
VP - Senior Credit Officer
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Thomas Jacobs
VP - Senior Credit Officer
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S PLACES UNDER REVIEW FOR DOWNGRADE THE LONG-TERM RATINGS OF 24 GAS PREPAYMENT BONDS
No Related Data.

 

© 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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