Moody's Investors Service said it downgraded the rating of South Carolina Public Service Authority's (Santee Cooper) revenue bonds to A1 from Aa3.

Concurrent with this rating action, Moody's has assigned an A1 rating to the planned sale of $1,700,560,000 of Santee Cooper revenue bonds consisting of $788,365,000 2013 tax-exempt Series A; $369,500,000 2013 tax-exempt refunding Series B; $212,940,000 taxable Series C; and $329,755,000 2013 taxable Series D (Libor Index Bonds), expected to be sold in late July 2013. The rating outlook for Santee Cooper is stable.

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