Summary: John Sevier Combined Cycle Generation LLC, Tennessee Tennessee Valley Authority; Wholesale Electric

2176 word report published Jan 10, 2012

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Abstract:

Standard&Poor's Ratings Services assigned its 'AA-' rating and stable outlook to John Sevier Combined Cycle Generation LLC (John Sevier LLC), Tenn.'s series 2012 secured notes, issued for the Tennessee Valley Authority (TVA; AA+/Negative). The rating is aligned with TVA's stand-alone credit profile of 'aa-' because the John Sevier LLC lease is based on TVA's general creditworthiness. Applying our government-related entity (GRE) criteria, we believe that the debt service associated with the lease, along with other existing lease-leaseback arrangements that are unconditionally paid as operating expenses of TVA's electric system, is potentially less likely to receive extraordinary financial support from the federal government in periods of distress compared to debt issued directly by TVA and that is denominated in

Brief Excerpt:

RESEARCH Ratings Definitions PDF Summary: John Sevier Combined Cycle Generation LLC, Tennessee Tennessee Valley Authority; Wholesale Electric Publication date: 10-Jan-2012 Primary Credit Analyst: Theodore Chapman, Dallas (1) 214-871-1401;...

Report Type:

Summary

Ticker:

3015A

Issuer:

Tennessee Vy Auth

Sector:

Global Issuers, Public Finance, Structured Finance

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

Also from S&P Credit Research

Bulletin: Tennessee Valley Authority Rating Unchanged, But Project Cost Overruns Are Being Monitored $100.00
DALLAS (Standard&Poor's) April 6, 2012--Standard&Poor's Ratings Services said today it will continue to monitor the Tennessee Valley Authority (AA+/Negative) in response to the authority's April 5, 2012, announcement of significant cost overruns ...
John Sevier Generation Combined Cycle Generation LLC, TN 2012 Notes Rated 'AA-' $100.00
DALLAS (Standard&Poor's) Jan. 10, 2012--Standard&Poor's Ratings Services said today it assigned its 'AA-' rating and stable outlook to John Sevier Combined Cycle Generation LLC (John Sevier LLC), Tenn.'s series 2012 secured notes, issued for ...
John Sevier Combined Cycle Generation LLC, Tennessee Tennessee Valley Authority; Wholesale Electric $400.00
Standard&Poor's Ratings Services assigned its 'AA-' rating and stable outlook to John Sevier Combined Cycle Generation LLC (John Sevier LLC), Tenn.'s series 2012 secured notes, issued for the Tennessee Valley Authority (TVA; AA+/Negative). ...
Ratings On Leases Backed By Tennessee Valley Authority Lowered Two Notches To 'AA-'; Outlook Stable $100.00
DALLAS (Standard&Poor's) Nov. 29, 2011--Standard&Poor's Ratings Services said it downgraded by two notches, to 'AA-', various long-term leases with the Tennessee Valley Authority (TVA; AA+/Negative) as obligor. The outlook on the leases is ...
Summary: Tennessee Valley Authority; Wholesale Electric $175.00
Standard&Poor's Ratings Services downgraded by two notches, to 'AA-', various long-term leases with the Tennessee Valley Authority (TVA; AA+/Negative) as obligor. The outlook on the leases is stable, given the fact that a further downgrade ...
Tennessee Valley Authority; Wholesale Electric $400.00
Standard&Poor's Ratings Services lowered the long-term rating on Tennessee Valley Authority by one notch, to 'AA+' from 'AAA'. At the same time, we removed the rating from CreditWatch with negative implications. The outlook is negative. The ...
Summary: Tennessee Valley Authority; Wholesale Electric $175.00
Standard&Poor's Ratings Services lowered the long-term rating on Tennessee Valley Authority by one notch, to 'AA+' from 'AAA'. At the same time, we removed the rating from CreditWatch with negative implications. The outlook is negative. The ...
Tennessee Valley Authority Rating Lowered To ?AA+? After U.S. Downgrade; Outlook Is Negative $100.00
DALLAS (Standard&Poor's) Aug. 8, 2011--Standard&Poor's Ratings Services said today it lowered the long-term rating on Tennessee Valley Authority by one notch, to 'AA+' from 'AAA'. At the same time, we removed the rating from CreditWatch with ...

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