SAN FRANCISCO (Standard&Poor's) April 23, 2007--Standard&Poor's Ratings Services today assigned its 'A-' issuer credit rating (ICR) to San Miguel Electric Cooperative, Inc. The outlook is stable. San Miguel's credit rating reflects a number of credit strengths, notably take-or-pay wholesale power contracts through mid-2020 with two creditworthy counterparties. "The ratings assigned to San Miguel principally reflect the credit quality of Brazos Electric Power Cooperative and South Texas Electric Cooperative, the off-takers of San Miguel's single generation asset, the San Miguel generating station," said Standard&Poor's credit analyst Anne Selting. "Under long-term contracts terminating in June 2020, the two off-takers are each entitled to 50% of the capacity and associated energy from the plant and are separately
