The following is an S&P Global Ratings news release:
S&P Global Ratings assigned its 'A-' rating to the Municipal Electric Authority of Georgia's (MEAG Power) $84.92 million combined cycle project revenue bonds series 2020A. The outlook is negative. Management will use bond proceeds to refund MEAG Power's s series 2010A combined cycle bonds and interim borrowings under a credit agreement.
As of Aug. 31, 2020, MEAG Power had $141 million of combined-cycle debt outstanding, about $1.6 billion of Project One debt ($364 million senior lien, and $1.2 billion subordinate lien), and $401 million of general resolution projects debt outstanding (including senior, subordinate, unsecured, and lines of credit). As of Aug. 31, 2020, MEAG Power also had $5.95 billion (including $1.8 billion of DOE loans) of debt attributable to the Vogtle units 3 and 4 project.
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