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Article: Fitch Rates Tennessee Valley Auth's $1.5B 2009 Series C Power Bonds 'AAA'.
- Article from:
- Agriculture Week
- Article date:
- October 1, 2009
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Fitch Ratings assigns an 'AAA' rating to the Tennessee Valley Authority's (TVA) $1.5 billion power bonds 2009 series C. The bonds (sold on Sept. 15, 2009) have a single maturity date of Sept. 15, 2039. Bond proceeds will be used to refinance existing debt. Power bonds are secured by a net power proceeds pledge. Fitch also affirms the 'AAA' rating on TVA's outstanding power bonds. The Rating Outlook is Stable.
Fitch's rating primarily reflects TVA's status as a wholly owned corporation of the U.S. government (Fitch sovereign rating of 'AAA') and Fitch's assessment of the likelihood and degree of government support for TVA and similarly rated institutions. The ...