Fitch Reviews Notching Policy; Places 14 Public Power Credits on Rating Watch Evolving.Business Editors NEW YORK--(BUSINESS WIRE)--June 8, 2004 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. places the long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. ratings of fourteen public power utilities on Rating Watch Evolving (see list below). Fitch is currently reviewing its guidelines regarding ratings applied to different liens of public power credits (notching). Fitch's review reflects changing conditions occurring across the electric industry and individual issuer risk factors. The debt placed on Rating Watch Evolving may be subject to Positive, Neutral or Negative rating action as a result of the notching review. Over the next several weeks, Fitch will finalize its review of the thirteen credits placed on Rating Watch Evolving. Initial indications are that there will be less rating differentiation among credits than currently exists. For additional information, please refer to the criteria report 'To Notch or Not to Notch' - A Review of Notching Policy for Public Power, dated June 8, 2004 and available on the Fitch Ratings web site at 'www.fitchratings.com'. Austin, TX Combined Utility System* -- Senior 'A+'; -- Subordinate 'A+'. Austin, TX Energy * -- Senior 'A'. Austin, TX Water and Wastewater System* -- Senior A+. *Austin Energy Austin Energy is the public utility providing electrical power service to a 421 square mile area including Austin, Texas and parts of the surrounding area in Travis and Williamson counties. It is owned by the City of Austin. and Austin Water and Wastewater System separate System Bonds are on parity with Austin Combined Utility System Subordinate debt See Junior debt. . Brownsville Public Utility Board (TX) -- Senior 'A'; -- Subordinate 'A-'. Grant County PUD PUD abbr. peptic ulcer disease Peptic ulcer disease (PUD) A stomach disorder marked by corrosion of the stomach lining due to the acid in the digestive juices. No. 2 (WA)** -- Senior 'AA'; -- Subordinate 'AA-'. **Grant's Hydro Project debt is structurally senior to Grant's Electric System Rev Bonds. Intermountain Power Agency (UT) -- Senior 'AA-'; -- Subordinate 'A+'. JEA JEA Journalism Education Association JEA Jacksonville Electric Authority JEA Journal of Egyptian Archaeology JEA Jamaica Exporters Association JEA Jackson Energy Authority (Jackson, Tennessee) Electric (FL) -- Senior 'AA+'; -- Subordinate 'AA'. JEA Water & Sewer (FL) -- Senior 'AA+'; -- Subordinate 'AA'. M-S-R Public Power Agency (CA) -- Senior 'A+'; -- Subordinate 'A'. Municipal Electric Authority of Georgia- Project One -- Senior 'A+'; -- Subordinate 'A'. Municipal Electric Authority of Georgia- Gen Resolution -- Senior 'A+'; -- Subordinate 'A'. Municipal Electric Authority of Georgia-Combustion Turbine/Combined Cycle Project -- Senior 'A+';*** *** Fitch views the credit support for MEAG's Combustion Turbine / Combined Cycle Project senior lien senior lien n. the first security interest (lien or claim) placed upon property at a time before other liens, which are called "junior" liens. (See: mortgage, deed of trust, lien, UCC-1) debt as similar to the support for the MEAG's General Resolution and Project One Bonds. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Power Authority -- Senior 'AA'; -- Subordinate 'AA-'. Platte River Power Authority (CO) -- Senior 'AA'; -- Subordinate 'AA-'. |
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