Summary: San Miguel Electric Cooperative Inc. Atascosa County Industrial Development Corp.; Rural Electric Coop

S&P Global Ratings' 'A' issuer credit rating (ICR) on San Miguel Electric Cooperative (SMEC), Texas, and our 'A' long-term rating on Atascosa County Industrial Development Corp.'s (IDC) series 2020 pollution control refunding revenue bonds (issued on behalf of SMEC) both remain on CreditWatch, where they had been placed with negative implications on March 3, 2021. The ratings reflect our view of SMEC's creditworthiness as the ultimate obligor, but this view is highly influenced by our view of South Texas Electric Cooperative (STEC) as sole offtaker of SMEC's coal-fired generation. (See our report on STEC published April 30, 2021, on RatingsDirect). The ratings also reflect our view of SMEC's consistent financial performance, ample liquidity position, declining leverage, and the importance of

...S&P Global Ratings' 'A' issuer credit rating (ICR) on San Miguel Electric Cooperative (SMEC), Texas, and our 'A' long-term rating on Atascosa County Industrial Development Corp.'s (IDC) series 2020 pollution control refunding revenue bonds (issued on behalf of SMEC) both remain on CreditWatch, where they had been placed with negative implications on March 3, 2021. The ratings reflect our view of SMEC's creditworthiness as the ultimate obligor, but this view is highly influenced by our view of South Texas Electric Cooperative (STEC) as sole offtaker of SMEC's coal-fired generation. (See our report on STEC published April 30, 2021, on RatingsDirect). The ratings also reflect our view of SMEC's consistent financial performance, ample liquidity position, declining leverage, and the importance of SMEC's core generating asset to STEC. The ratings remain on CreditWatch with negative implications because of continued uncertainty associated with several factors facing the utility or STEC (its sole...

Summary