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Article: DUFF & PHELPS: SOUTHERN MINNESOTA MUNICIPAL POWER AGENCY $287.515 MILLION POWER SUPPLY SYSTEM REVENUE BONDS, SERIES 1993 A RATED 'A+'
- Article from:
- PR Newswire
- Article date:
- March 5, 1993
CopyrightCOPYRIGHT 1993 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO, March 5 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of "A+" (Single-A-Plus) to Southern Minnesota Municipal Power Agency's (SMMPA) proposed issuance of $287.515 million of power supply system revenue bonds. The issue, which may be increased, will have maturities serially to 2016 and will refund similar bonds.
The bonds are secured by a first lien pledge on gross revenues generated from the ownership and operation of SMMPA's system. Revenues are primarily derived from payments under all-requirements (originally capped at 1999 levels) "take-and-pay" power sales agreements with SMMPA's 18 members to the year 2030. With minor exceptions, ...