Moody's rates Salt River Project, Ariz., electric system bonds Aa1

Moody's Investors Service said it assigned an Aa1 rating to the Salt River Project Agricultural Improvement and Power District, Ariz.'s $800 million of electric system revenue bonds, series 2008 A.

At the same time, Moody's said it affirmed the Aa1 rating and stable outlook on the district's $2.3 billion of outstanding revenue bonds; the Aa2 credit rating on the district's $250,365,000 of lease purchase obligation bonds; and the P-1 rating on the district's $475 million of commercial paper notes.

Pricing of the 2008 A bonds is expected in early March.

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