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Rating Action:

Moody's affirms A1 rating on Ohio Electric Generation Agency (OMEGA) JV 5 Revenue Bonds; Stable outlook

31 Oct 2013

Affects $102.5 million oustanding debt

New York, October 31, 2013 -- Moody's Investors Service has affirmed the A1 rating with a stable outlook on the Ohio Municipal Electric Generation Agency Joint Venture 5 (OMEGA JV 5) Series 2001 and 2004 Beneficial Interest Certificates (Belleville Hydroelectric Project). The certificates are secured from payments made by the 42 OMEGA JV5 project participants pursuant to a Joint Venture Agreement. The participants also participate in generation projects of American Municipal Power Inc. (AMP Inc., issuer rating A1). AMP Inc. operates the project on behalf of its members. The role and importance of AMP Inc. is an important factor in the rating assigned. AMP has a sound cost recovery process and a well regarded credit monitoring program of its members. For more credit information on AMP Inc. please refer to Moody's credit report on the issuer rating on AMP Inc. dated April 10, 2013.

The OMEGA JV 5 participants pay debt service on a par with their own senior lien indebtedness. Satisfactory bond covenants include a 25% step-up provision and certificates payment fund held by a trustee for any deficiencies in the debt service fund. Moody's considers the size and broader use of the debt service reserve as a credit weakness. Each participant must also meet a rate covenant calculated based on each year's audited financial statements.

The average weighted credit quality of OMEGA JV 5 participants is A2 which is an important weight in the certificate rating.

The OMEGA JV 5 project consists of a 42 MW run-of-the-river hydroelectric generating facility and approximately 42 MW of backup generation. The hydro facility is located on the Ohio River at the Belleville Locks and Dam. Energy output is largely dependent on river flow and is subject to navigational flows which has kept the river levels needed to maintain favorable capacity factors. The capacity factor of the Belleville hydro facility has averaged in the 60% range between 2002-2012. Belleville Hydroelectric energy production costs have been in the favorable $20/mwh range annually for the past decade. Backup generation is primarily purchased energy from the regional energy market at prevailing market rates.

Outlook

The rating outlook is stable largely due to the expected consistent performance of the Belleville hydro facility and the sound record of adherence to the certificate security requirements.

What Could Change the Rating DOWN

The rating could be lowered if the hydroelectric facility poorly performs and should any participant not meet its contractual obligation and not pay its obligation. The rating could also be pressured should participant credit quality weaken.

What Could Change the Rating UP

The rating could be upgraded should participant credit quality improve or the economics of the project become more favorable.

STRENGTHS:

* The Belleville Hydro operating record has been sound providing stable source of low cost energy

*Stable and predictable river flows due to regulatory requirements to keep sufficient elevations for lock and dam and the navigation purposes on Ohio River

*AMP Inc. has had a sound management record as power supplier to the participants in the project

*Energy and capacity from project is small part of overall power supply requirements

*The non carbon source of energy and capacity is expected to grow in value

*Relatively strong project liquidity

*Adherence to the contract terms by the 42 participants that have a weighted credit quality of A2

CHALLENGES:

*Unique security features not as strong as provisions securing other AMP debt obligations

*Non-standard debt service reserve while held with trustee funds can be used for other purposes

*Under the FERC license power production is subordinate to river regulation for navigation purposes by the US Army Corps of Engineers

*Evolving energy markets in the Midwest

The principal methodology used in this rating was US Municipal Joint Action Agencies published in October 2012. Please see the Credit Policy 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 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 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.

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

Maria Matesanz
Senior Vice President
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 affirms A1 rating on Ohio Electric Generation Agency (OMEGA) JV 5 Revenue Bonds; Stable outlook
No Related Data.
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