OREANDA-NEWS. Fitch Ratings has assigned an 'A' rating to the following bonds (collectively, the guaranteed bonds) based on the National Rural Utilities Cooperative Finance Corp. (CFC) guarantee:

--$16.7 million Cochise County, AZ solid waste disposal revenue bonds (Arizona Electric Power Cooperative, Inc.), pooled series 1994A.

The Rating Outlook is Stable.

RATING SENSITIVITIES

CHANGE IN OBLIGOR OR GUARANTOR RATINGS: The ratings on the National Rural Utilities Cooperative Finance Corp. (NRUCFC) guaranteed bonds will continue to be driven by the rating of NRUCFC as Fitch does not publicly rate Arizona Electric Power Cooperative, Inc.

For more information, please see the following related research:

--'Fitch Rates National Rural Utilities Cooperative Finance Corp 'A'; Outlook Stable' (May 21, 2015).