MOODY'S RAISES RATING ON INDIANA MUNICIPAL POWER AGENCY REVENUE BONDS TO 'A1' FROM 'A'
NEW YORK, Dec. 17 /PRNewswire/ -- Moody's Investors Service has revised the rating on Indiana Municipal Power Agency Power supply system revenue bonds to "A1" from "A" in conjunction with the $113,425,000 bond sale planned for later today. The agency's favorable management performance and continuing reduction in the reliance on purchased power contributes to the rating revision. In revising the rating, Moody's stated, "The agency, which provides electric power to a number of small and medium sized communities throughout the state, has a record of implementing prudent and effective management practices which are reflected in their ability to provide power at very competitive rates while maintaining a consistent trend of satisfactory financial performance. Increases in direct ownership of power resources over the last decade has markedly changed the mix of such agency resources by reducing reliance on potentially vulnerable purchase power and providing for more secure sources of energy. Proceeds of the current issue will fund the purchase of a share of Trimble 1, a coal fired generating facility located in Kentucky. This reflects management's philosophy of moving forward with such actions when it fundamentally improves the agency's overall position." -0- 12/17/92 /CONTACT: Paul Devine, vice president and manager, 212-553-5012; or Mitchell Savader, assistant vice president, 212-553-7812, both of Moody's/
CO: Indiana Municipal Power Agency ST: Indiana IN: UTI SU: RTG
SM-LR -- NY067 -- 7729 12/17/92 13:48 EST
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|Date:||Dec 17, 1992|
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