Upgrades in Hand, North Carolina Power Agency Preps $33M Sale

DeSue, Tedra
January 2005
Bond Buyer;1/7/2005, Vol. 351 Issue 32045, p3
Trade Publication
The article informs that the heels of rating upgrades, the North Carolina Municipal Power Agency No. 1 is readying a $33 million refunding for next Wednesday. Last month. Fitch Rating upgraded the joint-powers agency to A3 from Baal and Moody's Investors Service Inc. aised its rating to A-minus from BBB-plus. Next week's deal will entail $31.4 million of Series 2005 A bonds and $2 million of 2005B bonds that will be taxable. Both will be sold as auction-rate securities with Morgan Stanley as the underwriter and broker. Ambac Assurance Corp. will insure both series.


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