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Rating Action:

Moody's Affirms A1 Rating on American Municipal Power Inc. Fremont Energy Center Proj Rev Bonds; outlook stable

04 Apr 2016

New York, April 04, 2016 -- Summary Rating Rationale

Moody's Investors Service has affirmed the A1 rating on the American Municipal Power Inc. outstanding $520,620,000 Fremont Energy Center Project Revenue Bonds. The rating outlook is stable.

The A1 rating takes into consideration the average weighted credit quality in the A3 range on the 87 project participants who are unregulated municipal electric utilities; the strong take-or-pay power sales contracts and the fully funded maximum annual debt service reserve; the tested and monitored cost recovery process; the Fremont Energy Center (Fremont)'s sound operating performance; AMP's sound liquidity profile and its effective power supply management for its members. Please refer to Moody's AMP's A1 issuer rating report dated April 4,2016.

AMP's operation of Fremont, a two unit 675 MW natural gas fired combined cycle facility, has provided power resource diversity for AMP's members from this highly efficient plant that went into commercial operation in January 2012. Fremont has demonstrated a strong operating performance as measured by availability and capacity factors. Fremont Energy Center recorded a sound operating record in 2015 with an 88% availability factor; net capacity factor of 62%; and an average heat rate of 7,214. Fremont generation supply on average about 20-25% of the AFEC participants' peak load requirements in 2016.

Rating Outlook

The stable credit outlook reflects continued expectations of solid operating performance and AFEC's value to AMP participants with a competitive power supply including fuel diversity. While the restructured wholesale energy marketplace presents challenges, the stable rating outlook factors in AMP's strong track record in managing generation risk for its members. Strong take-or-pay contracts that are monitored by AMP for compliance, Fremont's continued strong operating performance and AMP's favorable liquidity position are additional factors underlying our stable outlook.

Factors that Could Lead to an Upgrade

Significant improvement in participant credit quality.

Factors that Could Lead to a Downgrade

*Significant deterioration in the generation asset performance or in the credit quality of participants could also lead in a downgrade

*Any noncompliance with the take-or-pay contracts would cause the credit rating to be downgraded.

Legal Security

The AFEC Project Revenue bonds are payable from and secured solely by the Trust Estate pledged under the Indenture that includes a net revenue pledge by AMP. Each AFEC participant has a fixed participant share and the participant is required to pay AMP on a monthly basis an amount equal to its proportionate share of AMP's revenue requirement. The payments are to be made as an O&M expense of the participant's electric system. The obligation to make payments are incorporated in the 36-year take-or-pay contract agreement such that the payments are not subject to any reduction, whether by offset, counterclaim, or for any other reason, nor shall they be conditioned on the performance of AMP, or any participant, and the payment shall be made whether the project is completed, operable, operating, or for any other reason. There is a 25% step-up provision. Delaware Municipal Electric Corporation (DEMEC), ( A2/stable) also has a take-or-pay contract for its participant share and a 25% step-up provision.

The bond security covenants include a 1.10 times additional bonds test and 1.10 times rate covenant. The debt service reserve is equal to the least of maximum annual debts service, 125% of average annual debt service or 10% of original principal of parity obligations.

Flow of Funds:

AMP transfers monthly payments received from the participants to the Trustee and funds the waterfall under the Master Indenture Operating Account in the following way: the Fuel Reserve Account; Working Capital Account(estimated $12.5 million) ; Derivatives Receipts Account, General Account; Fuel Hedge Reserve Account; Fuel Hedge Reserve Account (estimated $5 million funded from bond proceeds) ; Capitalized Interest Account; Interest Account; Derivatives Payment Account; Principal Account; Sinking Fund Account; Redemption Account; Parity Common Reserve Account (estimated at $34.5 million funded from bond proceeds); Subordinate Obligations Account; Reserve and Contingency Account; the Renewal and Replacement Account; the Overhaul Account; the Capital Improvement Account; the Rate Stabilization Account; the Environmental Improvement Account; and the Self-Insurance Account.

Strong Cost Recovery Protections

AMP has a master services agreement with all its members that provides a legal framework for the relationship of the municipal electric utility and AMP as it relates to power pools, energy products, power supply arrangements and individual services.

AMP's municipal utility members purchase non-project capacity and energy from AMP pursuant to take-and-pay contracts. The contracts are not secured by the full faith and credit of the respective cities. AMP members by their choice also participate on a take-or-pay basis in AMP-sponsored generation projects including AMP's share of the financing of Fremont. If there is a payment default, AMP has the power to suspend delivery, which we believe creates a significant incentive for the members to pay given the essential nature of the electric service. If nonpayment persists, AMP could bring litigation against the member and seek a judgment but AMP also has additional remedies which would be pursued prior to litigation. AMP has never experienced a payment default by a member.

Payment compliance is aided by AMP's credit monitoring program which produces early warning reports should a city be in fiscal distress. Moody's heavily weights this in the current credit rating.

Use of Proceeds

Not Applicable

Obligor Profile

AFEC project is a two-unit natural gas fired, combined cycle, electric power generation plant with capacity of 512 MW (unfired) 675 (duct fired) consisting of two Siemens-Westinghouse combustion turbines, two heat recovery steam generators and one steam turbine and condenser. Fremont went into commercial operation in January 2012 and has had a good operating record.

Methodology

The principal methodology used in this rating was US Municipal Joint Action Agencies published in October 2012. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

Regulatory Disclosures

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Daniel Aschenbach
Lead Analyst
Project Finance
Moody's Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New York 10007
US
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Chee Mee Hu
MANAGING DIRECTOR
Project Finance
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 Affirms A1 Rating on American Municipal Power Inc. Fremont Energy Center Proj Rev Bonds; outlook stable
No Related Data.
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