Standard&Poor's Ratings Services affirmed its 'A-' long-term rating, and stable outlook, on the Atascosa County Industrial Development Corp.'s series 2008 variable-rate pollution control refunding revenue bonds, issued for San Miguel Electric Cooperative, Inc. (San Miguel). At the same time, we affirmed our 'A-' issuer credit rating (ICR), and stable outlook, on San Miguel. The long-term rating reflects the general creditworthiness of San Miguel as the ultimate obligor. The Jourdanton, Texas generation and transmission (G&T) cooperative had $182.7 million in debt outstanding as of Dec. 31, 2011. The ICR on San Miguel reflects our assessment of a number of credit strengths including: Take-or-pay wholesale power contracts through mid 2020 with two creditworthy counterparties--Brazos Electric Power Cooperative, Inc. (A-/Positive ICR)
