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Article: DUFF & PHELPS: SOUTHERN MINNESOTA MUNICIPAL POWER AGENCY $68.0 MILLION POWER SUPPLY SYSTEM REVENUE BONDS, SERIES 1994 A RATED 'A+'
- Article from:
- PR Newswire
- Article date:
- September 30, 1994
CopyrightCOPYRIGHT 1994 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, Sept. 30 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of "A+" (Single-A-Plus) to Southern Minnesota Municipal Power Agency's (SMMPA's) proposed issuance of $68.0 million of power supply system revenue bonds. The issue, which is composed of capital appreciation bonds and may be increased in size, will extend the final maturity of SMMPA's debt from 2018 to 2026.
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 ...