S&P Global Ratings assigned its 'AA+' rating to the Tennessee Valley Authority's (TVA) proposed $1 billion global power bonds 2024 series A. At the same time, S&P Global Ratings affirmed its 'AA+' rating on approximately $19.1 billion of the utility's power bond debt obligations; and its 'AA+' issuer credit rating on the authority, reflecting the application of its government-related entity (GRE) criteria. S&P Global Ratings also affirmed its 'AA-' rating on the $974 million of TVA's lease transactions the authority records on its balance sheet as variable interest entities (VIE). TVA supports the VIE debt issued by conduit issuers. The outlook is stable. TVA will apply bond proceeds to refinance portions of the authority's existing debt and other power system
