S&P rates Salt River Project, Ariz., electric system bonds AA

Standard & Poor's said it assigned an AA rating to $800 million of proposed series 2008A electric system revenue bonds from Salt River Project Agricultural Improvement and Power District, Ariz.

S&P also said it affirmed its AA rating on the district's $2.5 billion of outstanding electric system revenue bonds, its A-1+ rating on the district's $475 million commercial paper program and its AA- underlying rating on the district's $250 million of insured certificates of participation that have a subordinated claim on revenues.

The outlook is stable.

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