Proceeds from Houston Rockets the 2009 bonds will be used for

Proceeds from relates houston rockets franchise the 2009 basketball understand bonds will be used for refunding and generalcapital purposes. The 2009 bonds, with a tentative final maturity of April 1,2039, are scheduled to price via negotiation this week, on Jan 14, 2009. LIPA also has $985 million subordinate lien electric system revenue bonds thatdo not have underlying long-term Fitch ratings, but rather enhanced creditratings based upon the bank/financial institution providing the liquidity and/orcredit support. LIPA further has $155.4 million New York State Energy Researchand Development Authority (NYSERDA) bonds outstanding, which are obligations ofKeySpan Corp.

(recently acquired by National Grid, Plc) and $2.2 billion incapital lease obligations houston rockets baby . LIPA's obligations on the NYSERDA bonds and thecapital leases rank junior in payment to the subordinate lien bonds bulls rockets Rockets . LIPA's rating reflects the system's primarily transmission and distributionbased business, reasonable power supply strategy, adequate financialperformance, favorable customer base, and reliable electric service celtics rockets . A keycredit strength, particularly over past few years, has been LIPA's utilizationof a fuel and purchased power cost adjustment (FPPCA), which allows pass-throughof fuel and purchased energy costs on a timely basis clutch rockets . Adequate recovery of fueland purchased power costs is a key credit issue for LIPA as such costs accountfor more than half of LIPA's operating expenses. Management and the Board ofTrustees have been committed to increasing the FPPCA as necessary to maintainthe utility's fiscal health. Credit concerns include LIPA's high electric rates, concentrated commodityexposure in more volatile fuels (natural gas/oil), and above-average leveragefor the rating category.

Additionally, energy sales growth is beginning todecline, due to the regional (and national) economic slowdown, which could putadded pressure on rates in the future houston rockets payroll . While LIPA's retail rates are very highrelative to other municipal power systems in the region, its electric rates arestill considerably below its nearest corporate counterpart, Consolidated EdisonCompany of New York clutchfans . LIPA's Rating Outlook was revised to Negative from Stable on Aug clutchfans rockets . 13, 2008, dueto pending state legislation (A Rockets tickets - nba .6164/S rockets.com .3410) at the time that could haveaffected LIPA's ability to fully recover costs on a timely basis While the'LIPA bill' was ultimately vetoed by Gov dirk nowitzki . Patterson in September 2008, thepolitical pressure for state regulatory oversight of LIPA's electric ratescontinues to persist.

Additionally, as the effects of the economic downturnfilter through to its customers, LIPA's expenses and electric rates, inparticular, are coming under increasing political scrutiny houston chronicle sports rockets . Over the next 12 months, Fitch will be monitoring whether alternative LIPAlegislation is introduced, as well as LIPA's continued ability to achieve itsprojected financial targets, to remain current on fuel and purchased powercosts, and manage through this period of moderately slowing kilowatt (kwh)sales hoston rockets . Also, while LIPA has restructured a large portion of its variable-ratedebt affected by the financial market turmoil of 2008, LIPA still has roughly$818 million (or roughly 12.1% of total debt) of variable-rate securities withremarketing/interest cost exposures related to perceived underperforming creditand/or liquidity providers houstonrockets . The Long Island Power Authority, through its wholly owned subsidiary, LIPA, ownsand operates an electric distribution system providing electric service to mostof Nassau and Suffolk counties and the Far Rockaway section of Queens houstonrockets co Rockets tickets . LIPAserves over 1.1 million customers and had operating revenues of approximately$3.5 billion for fiscal year-end Dec 31, 2007. Fitch's rating definitions and the terms of use of such ratings are available onthe agency's public site, Published ratings, criteria andmethodologies are available from this site, at all times. Fitch's code ofconduct, confidentiality, conflicts of interest, affiliate firewall, complianceand other relevant policies and procedures are also available from the 'Code ofConduct' section of this site.

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