Fitch Maintains Rating Watch Negative on Municipal Energy Acquisition Corp.'s Gas Rev Bonds

NEW YORK--()--Fitch Ratings maintains the Rating Watch Negative on Municipal Energy Acquisition Corp.'s (MEAC) series 2006 A&B bonds.

On May 18, 2012, the rating on MEAC's series 2006 A & B bonds was placed on Rating Watch Negative following Fitch's decision to downgrade the Long-term Issuer Default Rating (IDR) of JPMorgan Chase & Co. (JPM) from 'AA-' to 'A+' and to place all parent and subsidiary long-term ratings on Rating Watch Negative.

On Oct. 10, 2012 Fitch affirmed JPM's Long-term IDR at 'A+' and revised the Outlook on all parent and subsidiary long-term ratings to Stable.

Fitch expects to receive MEAC's recently completed audit in the near term and will resolve the current Rating Watch once the audit has been received and reviewed as part of surveillance.

For additional information, please see Fitch's research on MEAC dated May 18, 2012.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

In addition to the sources of information identified in Fitch's Revenue-Supported Rating Criteria, U.S. Public Power Rating Criteria and Criteria for Rating Prepaid Energy Transactions, this action was informed by information from CreditScope.

Applicable Criteria and Related Research:

--'Revenue-Supported Rating Criteria' (June 12, 2012);

--'U.S. Public Power Rating Criteria' (Jan. 11, 2012);

--'Criteria for Rating Prepaid Energy Transactions' (Aug. 7, 2012);

--'Counterparty Criteria for Structured Finance Transactions'(May 30, 2012);

--'Prepay Gas Transactions: Focus on Counterparty Risk' (Feb. 23, 2009).

Applicable Criteria and Related Research:

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681015

U.S. Public Power Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=665815

Criteria for Rating Prepaid Energy Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684588

Prepay Gas Transactions: Focus on Counterparty Risk

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=427254

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contacts

Fitch Ratings
Primary Analyst
Dennis Pidherny, +1-212-908-0738
Senior Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Michael Mohammed Murad, +1-212-908-0757
Associate Director
or
Committee Chairperson
Christopher Hessenthaler, +1-212-908-0773
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Dennis Pidherny, +1-212-908-0738
Senior Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Michael Mohammed Murad, +1-212-908-0757
Associate Director
or
Committee Chairperson
Christopher Hessenthaler, +1-212-908-0773
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com