Planned Black Belt Energy Gas District bonds, series 2025B, were upgraded to A1 from Baa1 by Moody's Ratings Thursday afternoon.
The upgrade stemmed from the replacement of Deutsche Bank with Athene Annuity & Life Co. as the liquidity provider.
The Moody's report indicates the bonds will mature in 8.5 years rather than the 10.5 years that had been planned.
The
Athene will borrow the bond proceeds from Black Belt Energy and, in exchange, make monthly payments to the gas supplier.
Black Belt "has the option to extend the maturity date of the bonds by requiring bondholders to tender such bonds for purchase on or after the first business day of the third month preceding the maturity date," according to Moody's.
Athene declined to comment for this story.
