S&P Global Ratings affirmed its 'A' issuer credit rating on East Kentucky Power Cooperative Inc. (EKPC). The outlook is stable. The rating reflects favorable regulatory support of this rate-regulated generation and transmission (G&T) cooperative electric utility. Regulatory support includes a formulaic monthly fuel adjustment clause and an environmental remediation cost surcharge. Although the previous base-rate adjustment was in 2010, adjustment mechanisms have supported fixed charge coverage (FCC) of at least 1.3x since 2018. In 2021, the Kentucky Public Service Commission approved a 4.4% rate increase that became effective Oct. 1, 2021. EKPC reported $952 million of fiscal 2021 operating revenues and $2.6 billion of debt at fiscal year-end (Dec. 31), which was 15% lower than 2017's almost $3 billion. Long-term
