Fitch Affirms TMPA's $37.68MM Revenue Rfdg Bonds 'A'; Outlook Stable

2008-07-24 23:15:16 -

- Fitch Ratings affirms its June 6 underlying rating of 'A' to Texas Municipal Power Agency's (TMPA) $37,685,000 revenue refunding bonds series 2008. Fitch also affirms the outstanding 'A' rating on TMPA's senior power supply and subordinate lien electric system revenue bonds as well as the 'F1' rating on TMPA's taxable and tax-exempt commercial paper notes. The Rating Outlook is Stable.

TMPA recently informed Fitch of an accounting error that reduced the agency's cash position. Fitch has reviewed the impact of the accounting errors along with the utility's proposed resolution and determined that there is no material change to TMPA's credit profile. For a full explanation of this issue, please see the amended report on Texas Municipal Power Agency, which will be available today on the Fitch web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

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Yvette M. Dennis, 212-908-0668
Karl Pfeil, III, 212-908-0516
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