S&P Global Ratings assigned its 'AA+' long-term rating to the Tennessee Valley Authority 's (TVA) proposed $1.5 billion series 2025B global power bonds. The outlook is stable. The ratings reflect the application of our " Rating Government-Related Entities: Methodology And Assumptions " (GRE) criteria, published March 25, 2015. The 2025B bonds are due on May 15, 2035. TVA reported $21 billion of debt as of Sept. 30, 2024 (fiscal year-end), and $22 billion as of March 31, 2025. TVA will apply bond proceeds to refinance portions of the authority's existing debt and other power system purposes, and will pay these bonds' and existing parity debt's principal and interest from the net revenues of its electric system. Although lease notes issued
