S&P Global Ratings affirmed its 'A' rating on American Municipal Power Inc.'s (AMP) electric revenue bonds issued for its Meldahl Hydroelectric Project. The outlook is stable. As of Dec. 31, 2019, the project had $675 million in debt outstanding. Securing the bonds is the trust estate, which consists primarily of payments from the participants under the power sales contract. The rating reflects our view of the long-term creditworthiness of the project, a 105-megawatt (MW) hydroelectric plant on the Ohio River. The project is part of a larger power supply strategy for members that includes participation in other AMP power generation projects. The rating incorporates what we believe to be these credit characteristics: A take-or-pay power sales contract with 48 of
