S&P Global Ratings' long-term rating on Nashville&Davidson County Metropolitan Government, Tenn.'s electric system revenue debt, issued for Nashville Electric Service (NES), is 'AA'. The outlook is stable. The electric system had $598 million in total revenue debt outstanding as of June 30, 2019. The electric system's first-lien net revenue pledge secures the bonds. NES serves about 408,250 customers in Nashville, Davidson County, and portions of the following surrounding counties: Cheatham, Robertson, Rutherford, Sumner, Williamson, and Wilson. In August 2019, NES signed a new 20-year full-requirements power supply agreement with the Tennessee Valley Authority (TVA). The utility receives a monthly credit on its TVA wholesale base rate equal to roughly $21 million annually, which provides management financial flexibility during
