Moody's Upgrades California Power Grid's Revenue Bonds

Finestone, Deborah
June 2003
Bond Buyer;6/20/2003, Vol. 344 Issue 31661, p4
Trade Publication
Moody's Investors Service Inc. upgraded $293 million in outstanding revenue bonds issued for the California Independent System Operator on June 19, 2003, noting the agency's satisfactory operations since the state's power crisis in 2001. Moody's raised the rating to Baa2 from B3 and assigned a positive credit outlook, taking the bonds off its watch list. The California Infrastructure and Economic Development Bank issued the tax-exempt bonds in 2000 on behalf for the ISO to refund bonds sold in 1998, when the agency opened to help facilitate the state's now-defunct energy deregulation plan. The ISO future role remains uncertain, given federal market reform efforts and state efforts to repeal the deregulation plan, which Moody's will continue to monitor.


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