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Fitch Affirms Big Rivers Electric, Ky.'s 2010A Pollution Control Rfdg Rev Bonds at 'BBB-'.

As part of ongoing surveillance, Fitch Ratings affirms the 'BBB-' rating on the $83.3 million County of Ohio, KY's pollution control refunding revenue bonds (Big Rivers Electric Corp. Project).

In a release Fitch noted details:

The Rating Outlook is Stable.

Fitch is also withdrawing its issuer credit rating for Big Rivers, which was assigned prior to Fitch assigning a rating on any of Big Rivers' publicly held bonds.


The bonds are secured by a mortgage lien on substantially all of the corporation's owned tangible assets, which include the revenue generated from the sale or transmission of electricity.


Risk Profile Reshaped: The recent termination of its generating asset lease transaction has reshaped the risks surrounding Big Rivers, effectively reducing leverage and financial risk in exchange for increased reliance on a concentrated customer base and the wholesale marketplace. …

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