...The 'A' long-term ratings reflect Basin Electric Power Cooperative's (Basin) relatively strong consolidated financial profile, despite volatile performance at its principal non-utility subsidiaries, Dakota Gasification Company (DGC) and Dakota Coal Company (DCC), as well as strong revenue defensibility and very low operating risk profile. Basin's very low-cost, diversified power supply portfolio and very strong contractual agreements with its members should support the rating through a period of elevated capital investment and debt issuance and form the basis for the Stable Outlook. The 'F1+' short-term ratings on the CP programs are the higher of the two available short-term options, given Basin's Issuer Default Rating (IDR) of 'A'. The short-term ratings reflect Basin's 'a' Revenue Defensibility assessment, neutral liquidity and debt profiles, and a liquidity ratio above 2.0x under Fitch Ratings' criteria....
