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Rating Action:

Moody's Assigns A1 to American Municipal Power's (OH) Fremont Energy Center Project Revenue Bonds, Series 2012 A&B; Outlook Stable

12 Jun 2012

AMP Issues Revenue Bonds for Natural Gas Fired Fremont Energy Center

New York, June 12, 2012 --

Moody's Rating

Issue: AMP Fremont Energy Center Project Revenue Bonds, Series 2012 A (Federally Taxable); Rating: A1; Sale Amount: $21,000,000; Expected Sale Date: 6/19/2012; Rating Description: Revenue: Government Enterprise

Issue: AMP Fremont Energy Center Project Revenue Bonds, Series 2012 B (Tax-Exempt); Rating: A1; Sale Amount: $519,000,000; Expected Sale Date: 6/19/2012; Rating Description: Revenue: Government Enterprise

Opinion

Moody's Investors Service has assigned an A1 rating with a stable outlook to the American Municipal Power Inc.'s (AMP) $21 million AMP Fremont Energy Center Project Revenue Bonds Series 2012 A (Taxable) and $519 million AMP Fremont Energy Center Project Revenue Bonds, Series 2012 B (Tax-Exempt). The bonds are scheduled to sell in mid-June 2012.

RATINGS RATIONALE

The rating takes into consideration the AMP Fremont Energy Center (AFEC)'s 87 project participants average weighted credit quality in the A2-A1 range; broad diversity of participants; the strong take-or-pay power contracts and tested and monitored cost recovery process; the fully funded maximum annual debt service reserve and AMP's sound strategic planning to manage power supply for its participants. Most of the participants in this project are located in Ohio. The state's unemployment rate and personal income growth reflect some improvement in the economy.

The AFEC is an already operating 675 MW natural gas fired combined cycle power plant. AMP's acquisition of the two unit facility provides power resource diversity for its members with the highly efficient plant that went into commercial operation in January 2012. Reasonable third-party assumptions have been put forward regarding the expected sound AFEC plant operation and economic performance. AMP's objective on behalf of its members is to diversify the power supply to reduce the significant dependence on volatile wholesale energy market purchases replacing it with diverse owned generation assets. The AMP participant's Fremont Energy Center generation will supply on average 20-25% of the participant's peak load requirements in 2015.

AMP has an A1 issuer rating reflecting its key role in power supply management for numerous municipal electric systems in the Midwest; its strong cost recovery process and sound liquidity position. AMP has 129 members overall representing about 3,512 MW of peak demand located in seven states.

AMP has had a sound liquidity level, largely through lines of credit with highly rated banks; and a record of sound management. Each of AMP's project bonds stand alone, have indentured reserves and many participants are in more than one project. There is no cross default among the projects.

The rating on AFEC Project Revenue Bonds also takes into consideration the significant new leverage resulting from the current offering; the need in Moody's opinion for AMP to develop fuel procurement skills since no firm gas supply contracts are yet in place for the natural gas fired AFEC and generally AMP's exposure to generation ownership risks. There is also limited water storage facilities for backup purposes at the AFEC which AMP has a plan to resolve. Also considered as a risk is the more complicated restructured energy markets (PJM and MISO) AMP and its participants have to operate in and manage.

Strengths

*AFEC is an already operating 675MW unit which diversifies AMP's power resource mix

*Certainty in cost recovery due to sound AMP power supply contracts with its members; the unregulated rate setting authority of almost all AMP member municipal utilities, including AMP's statutory authority to increase its wholesale rates on a timely basis and members' ability to pass on purchased power costs to retail customers. Non-Ohio participants have sound state statutes regarding take-or-pay contracts

*No material direct retail competition for municipal electric utilities in each state served (except for Cleveland Public Power)

*Average weighted credit quality of the diverse group of AMP's participating member cities is in A2-A1 range

*Strong contract enforcement provisions including AMP's authority in the event of a contract default by a participating member, in addition to AMP's credit monitoring system which provides an early warning of fiscal stress

*The level and availability of internal and external financial liquidity with bank line agreements with satisfactory terms and conditions

*Demonstrated record of success in managing power supply for AMP's member municipal electric utilities

*Fully funded debt service reserves for individual separately-secured generation project debt including AFEC Revenue bonds. No cross default between projects

Challenges

*Single project risk

*Commodity market risks in management of natural gas supplies for AFEC

*Strategic plan to shift from market to generation ownership has increased leverage

*Managing operations of a wholesale electric power utility in restructured wholesale electricity market

*Some member utilities have customer dominance and above average retail rates

Outlook:

The stable credit outlook reflects expectations of solid operating performance and AFEC's expected value to AMP participants with forecasted competitive power supply and diversity. The two-unit natural gas fired plants represents a competitive part of the AMP's participants overall power supply. AMP does have the challenge of navigating commodity markets and also the restructured energy markets. Strong take-or-pay contracts that are monitored by AMP for compliance is a major factor underlying our expectation of stability.

What Could Change the Rating Down:

Any non-compliance with the take-or-pay contracts would cause the credit rating to be downgraded. Significant deterioration in the generation asset performance or in the credit quality of participants could also factor in a downgrade.

What Could Change the Rating Up:

The rating could be upgraded should participant credit quality improve significantly.

Fundamentals

RATING METHODOLOGY

The principal methodology used in this rating was U.S. Public Power Electric Utilities With Generation Ownership Exposure published in November 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. 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.

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Dan Aschenbach
Senior Vice President
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

Chee Mee Hu
MD - Project Finance
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 Assigns A1 to American Municipal Power's (OH) Fremont Energy Center Project Revenue Bonds, Series 2012 A&B; Outlook Stable
No Related Data.
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