P.M. BRIEFING : WPPSS Plant Bonds Rated Highly
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SEATTLE — A $450-million bond issue to refinance bonds for two never-completed nuclear power plants in Washington state received an AA- rating from Standard and Poor’s today.
The New York bond rating service said it gave the high rating to the issue because the bonds will be backed by the Bonneville Power Administration, a self-financed federal power marketing agency.
The BPA and the Washington Public Power Supply System are offering the $450 million in bonds to refund high-interest bonds sold to finance WPPSS plants No. 1 in Richland and No. 3 in Satsop. Construction stopped on plant No. 3 when about 77% of the work was completed, and on No. 1 when it was about 63% complete. Both plants have been left in mothballs.
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