Fitch Publishes New Issue Report On Indiana Municipal Power Agency.Business Editors NEW YORK--(BUSINESS WIRE)--April 16, 2002 Fitch fitch: see polecat. Ratings' Global Power Group has published a special report on Indiana Municipal Power Agency (IMPA IMPA Instituto Nacional de Matemática Pura e Aplicada (Brazil) IMPA International Maritime Pilots' Association IMPA Indiana Municipal Power Agency IMPA International Marine Purchasing Association IMPA International Motor Press Association ). On April 11, 2002, Fitch assigned a rating of 'A+' to IMPA's $65 million of power supply system revenue bonds, 2002 series A and affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the outstanding senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. at 'A+'. The Rating Outlook is Stable. The 'A+' rating is supported by IMPA's solid management team, excellent financial record, and its ability to effectively manage the volatile electricity and fuel markets. Indiana Municipal Power Agency (IMPA), a joint action agency, provides wholesale electricity to 32 members, pursuant to take-and-pay full requirements contracts A written agreement whereby a buyer assents to purchase for a sufficient consideration (the inducement to enter into an agreement) all the merchandise of a designated type that he or she might require for use in his or her own established business. that expire on April 1, 2032. The contracts include an unlimited step-up provision, which, in the event of one member defaulting, calls for all the other members to pick up the loss through their rates. The member utilities are located throughout the state and serve a combined population of about 260,000 people. IMPA and its members own 555 mega-watts of generating power. A full copy of the report can be found on FitchResearch, Fitch's subscription-based web site located at 'www.fitchratings.com'. |
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