Fitch Upgrades Indiana Municipal Power Agency 1998A VRDBs to 'AA+/F1+'

Business Wire, Nov 21, 2005

NEW YORK -- Fitch Ratings raises the rating assigned to $37,000,000 Indiana Municipal Power Agency, variable-rate demand power supply system refunding revenue bonds, 1998 series A, to 'AA /F1 ' from 'AA-/F1 ', effective Dec. 1, 2005. The bonds were previously rated based on the support of an irrevocable, direct-pay letter of credit (LOC) issued by Toronto-Dominion Bank. On Dec. 1, 2005, the LOC will be replaced by a substitute LOC provided by Dexia Credit Local, acting through its New York Branch, and on such date, the rating will be raised to 'AA /F1 '. A mandatory tender will occur on Nov. 22, 2005 in connection with the substitution of the LOC. The rating on the bonds will expire on the earliest to occur of: Nov. 20, 2010, the stated expiration date of the substitute LOC; upon any prior termination of the substitute LOC; or upon defeasance of the bonds.

Citigroup Global Markets Inc. continues as the remarketing agent for the bonds.

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