S&P Global Ratings assigned its 'BBB' long-term rating to the Milan Public Utilities Authority (MPUA, or the authority), Tenn.'s $10 million electric system revenue bonds, series 2025. The outlook is stable. Net revenue of MPUA's electric system secures the bonds. MPUA will use bond proceeds to acquire the electric assets owned by the City of Milan and to finance system improvements, including installation of fiber-optic infrastructure to support electric system reliability and invest in its fiber-to-the-home broadband business. MPUA takes over electric utility operations from the city on Jan. 1, 2025. The authority will not have any debt besides the series 2025 issuance. In our view, MPUA benefits from the stability provided by being a distributor of electricity from the
