January 2007

Marking the third credit outlook improvement in two years, Moody’s Investor Services affirms an “A2” rating on GRDA’s outstanding electric revenue bonds and announces it would change GRDA’s rating outlook from negative to stable. Moody’s lists GRDA’s history of successfully operating within a competitive environment among its strengths, as well as the Authority’s stable and strong liquidity position. The report also acknowledges that GRDA’s focus continues to be “on supplying the native load of its Oklahomacustomers.”