...September 15, 2021 NEW YORK (S&P Global Ratings) Sept. 15, 2021--S&P Global Ratings assigned its '##+' rating to the Tennessee Valley Authority's (TVA) proposed $500 million global power bonds 2021 series A, due Sept. 15, 2031. At the same time, S&P Global Ratings affirmed its '##+' rating on approximately $18 billion of the utility's power bond debt obligations; and its '##+' issuer credit rating on the authority, reflecting the application of its government-related entity (GRE) criteria. S&P Global Ratings also affirmed its '##-' rating on the $1.1 billion 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. The '##+' debt ratings are above the '##-' stand-alone credit profile (SACP) for the debt in the authority's name, reflecting the application of the GRE criteria and our opinion that there is an extremely high likelihood that the U.S. government will provide...
