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AUSTIN (CITY OF) TX - Moody's Research Report

Moody's assigns A1 rating to the City of Austin, TX electric utility system revenue refunding bonds, series 2012A and taxable series 2012B; outlook is stable

Posted on: November 5, 2012, 6:39 pm

NEW YORK, November 05, 2012 --Moody's Investors Service today assigned an A1 rating to the planned issuance by the City of Austin, Texas (Austin (City of) TX Electric Enterprise or Austin Energy) of approximately $290.2 million of Electric Utility System Revenue Refunding Bonds, Series 2012A (tax exempt) and approximately $114 million of Electric Utility System Revenue Refunding Bonds, Taxable Series 2012B. The bonds are expected to price in late November 2012 and close in mid-December 2012. Concurrently, Moody's affirmed the A1 rating on Austin Energy's parity outstanding $1,280,635,000 electric utility system bonds. The rating outlook remains stable. Combined utility systems obligations outstanding of $70,679,944 prior first lien bonds and $168,274,512 prior subordinate lien bonds are separately rated at Aa1 and Aa2, respectively, and the outlook is stable. (See separate report on www.moodys.com of June 14, 2012 related to City of Austin, (TX) Water and Wastewater System for further details related to the prior lien bonds...

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