Fitch rates Piedmont Municipal Power, S.C., bonds AAA/F1+

Fitch Ratings said it assigned a rating of AAA/F1+ to the Piedmont Municipal Power Agency, S.C., electric revenue bonds, 2008 refunding series, consisting of $107.9 million series 2008B; $90 million series 2008C; and $30 million series 2008D.

The long-term AAA rating is based on the support of three separate financial guaranty insurance policies provided by Assured Guaranty Corp.

The proceeds of the bonds will be used by the power agency to provide a portion of the funds for the current refunding of certain outstanding bonds previously issued by the agency to finance a portion of the costs of acquisition and construction of the Catawba Project.

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