S&P Global Ratings affirmed its 'A' issuer credit rating (ICR) on East Kentucky Power Cooperative (EKPC). The outlook is stable. Long-term debt is secured by property pledged under the cooperative's master mortgage indenture. Although we do not rate the cooperative's RUS loans or privately placed debt, we factor these debt balances into our assessment of the utility's credit quality. The ICR reflects our view of EKPC's overall creditworthiness and its capacity and willingness to meet financial commitments in full as they come due. Our assessment of the issuer's creditworthiness considers existing and projected debt balances. The cooperative reported $2.8 billion of long-term debt as of Dec. 31, 2023. The rating reflects EKPC's maintenance of healthy fixed-charge coverage (FCC) metrics which
