Puerto Rico Electric Power Authority (PREPA)

Website: http://www.prepa.com

Credit Ratings

	Moody's	Standard & Poor's	Fitch
Net Power System Revenues	A3/Stable	BBB+	BBB+/Stable
Revenue Bonds	A3/Stable	BBB+	A-/Stable
Fitch Ratings - October 12, 2009 Standard & Poor's - July 31, 2009 Moody's - February 20, 2009 Fitch Ratings - June 10, 2008 Moody's New Issue - June 10, 2008 Moody's - June 10, 2008 Standard & Poor's - April 09, 2007 Moody's - August 24, 2006

Security

Revenue bonds are payable from the Authority's net revenues that are derived from charges for electric services. The bonds are protected by substantial debt service reserves. The Authority may raise rates as necessary to assure adequate coverage of debt service without the approval of any regulatory agency.

Functions

PREPA owns and operates electric generating and distribution facilities serving all of Puerto Rico, supplying 99 percent of the power consumed on the Island. Dependable generating capacity aggregates approximately 4.4 million kilowatts, and adequately supplies the highly industrialized economy of Puerto Rico.

Trustee Under the Trust Agreement
Power Revenue Bonds
US Bank Trust National Association
New York, N.Y.

Financial Statements Audited by:
Ernst & Young

Consulting Engineers:
Washington Group International