S&P Global Ratings affirmed its 'A' issuer credit rating (ICR) on San Miguel Electric Cooperative (SMEC), Texas. We also affirmed our 'A' long-term rating on Atascosa County Industrial Development Corp.'s (ACIDC) series 2020 pollution control refunding revenue bonds, issued on behalf of SMEC. The outlook is stable. The 'A' ICR reflects our view of SMEC's overall creditworthiness and its capacity and willingness to meet its financial commitments in full as they come due. It does not apply to any specific financial obligation, as it does not consider the nature and provisions of those obligations, their standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligations. Revenue that ACIDC derives under a loan agreement with SMEC
