M-S-R Energy Authority proposes to issue $199.965 million series 2009A, $497.21 million series 2009B, and $318.68 million series 2009C gas revenue bonds with a final maturity date of Oct. 1, 2039. We are assigning our preliminary 'A' rating to the bonds. The rating and outlook on M-S-R Energy Authority's gas revenue bonds is currently linked to the rating on Citigroup Inc. (A/Stable/A-1). This reflects the current rating and outlook on Citigroup as the guarantor of Citigroup Energy Inc.'s (CEI; not rated) obligations under the gas purchase agreement. Bond payment depends on the ability of several different counterparties to perform under the transaction documents. On Aug. 20, 2009, Standard&Poor's Ratings Services assigned its 'A' rating to the M-S-R Energy
