The rating on M-S-R Energy Authority's series 2009A, 2009B, and 2009C gas revenue bonds are 'A'. The outlook is negative. The various counterparties in the transaction include: Citigroup (A/Negative/A-1), which guarantees the obligations of CEI, M-S-R Energy Authority's gas supplier; and Assured Guaranty Corp. (Assured; AA+/Stable/--), the surety bond provider for each municipal participant. The three series of bonds do not cross-default, are not cross-collateralized, and have independent gas delivery contracts with the individual municipal participants. In addition, the trust indenture provides for separate accounts for each tranche. Although the initial ratings on the bonds are identical, future rating actions could result in each tranche having a different rating should the rating of Assured, as the surety bond provider, fall
