Moody’s: Entergy New Orleans bonds Aa1 (sf)

Moody's Investors Service said it assigned a provisional Aa1 (sf) rating to the storm recovery bonds to be issued by Entergy New Orleans Storm Recovery Funding I, LLC, a direct, wholly owned subsidiary of Entergy New Orleans, Inc. (ENO, Ba2).

The transaction will be sponsored and serviced by ENO, which will collect the storm recovery charges from the ratepayers in ENO's service area subject to the jurisdiction of the council of the city of New Orleans.

This will be the first securitization sponsored and serviced by ENO, who will use the proceeds of the transaction to replenish storm recovery reserves and to fund reimbursement of storm recovery expenses.

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