Summary: Johnsonville Aeroderivative Combustion Turbine Generation LLC Tennessee Valley Authority; Wholesale Electric

S&P Global Ratings assigned its 'AA-' long-term rating to the Johnsonville Aeroderivative Combustion Turbine Generation LLC (Johnsonville), Tenn.'s proposed $720 million secured notes, 2024 series A, to be paid by the Tennessee Valley Authority (TVA). The rating reflects the application of our government-related entity (GRE) criteria and our view that these notes are on parity with TVA's existing lease transactions. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on approximately $19.1 billion of TVA's power bond debt obligations; and its 'AA+' issuer credit rating on the authority, reflecting the application of its GRE criteria. S&P Global Ratings also affirmed its 'AA-' long-term rating on the $974 million of TVA's existing lease transactions the authority records on

...+ S&P Global Ratings assigned its '##-' long-term rating to the Johnsonville Aeroderivative Combustion Turbine Generation LLC (Johnsonville), Tenn.'s proposed $720 million secured notes, 2024 series A, to be paid by the Tennessee Valley Authority (TVA). The rating reflects the application of our government-related entity (GRE) criteria and our view that these notes are on parity with TVA's existing lease transactions. + At the same time, S&P Global Ratings affirmed its '##+' long-term rating on approximately $19.1 billion of TVA's power bond debt obligations; and its '##+' issuer credit rating on the authority, reflecting the application of its GRE criteria. + S&P Global Ratings also affirmed its '##-' long-term rating on the $974 million of TVA's existing lease transactions the authority records on its balance sheet as variable interest entities (VIE). TVA supports the VIE debt issued by conduit issuers. + The outlook is stable....

Summary