Cleco Power, a Louisiana utility company, issued bonds last week that will finance the cost of repairs of more than $160 million damages sustained after hurricanes Katrina and Rita devastated the region more than three years ago.

The issuer, known as Cleco Katrina/Rita Hurricane Recovery Funding, priced about $180 million in ABS that will ultimately be secured by a storm recovery charge (SRC) added to the bills of Cleco's retail electric customers, according to Fitch Ratings. The rating agency expects to rate the bonds 'AAA'. The bonds are expected to have a maturity of about 12 years, with a legal final maturity of 15 years.

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