S&P Global Ratings affirmed its 'AA' rating, with a stable outlook, on Nashville&Davidson County Metropolitan Government, Tenn.'s electric system revenue bonds, issued for Nashville Electric Service (NES). The electric system had $637 million in total revenue debt outstanding as of June 30, 2021. The system's first-lien net-revenue pledge secures the bonds. The rating reflects our view of the utility's diverse and primarily residential customer base, which provides revenue predictability, and strong finances, including healthy liquidity that provides a cushion to meet unbudgeted costs. Despite several weather-related events in 2020 and 2021, including tornado and derecho thunderstorms, which caused significant infrastructure damage and power outages throughout its service territory, the utility's financial metrics have remained healthy. Management expects to
