DALLAS - Sam Rayburn Municipal Power Agency representatives call a Standard & Poor's Corp. CreditWatch listing on $243 million in revenue bonds an overreaction and they plan to argue against a possible downgrade to junk-bond status in New York City next month.

"The agency is paying bills ... and the agency understands the rates it has to charge its members in the future to pay the bills," said Ralph Gillis, a Boston attorney who is general counsel for the East Texas power agency. "There is no financial crisis."

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