Summary: Seminole Electric Cooperative Inc., Florida Putnam County Development Authority; Rural Electric Coop

Standard & Poors, January 2010

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
Standard & Poor's Ratings Services has affirmed its 'A-' issuer credit rating on Seminole Electric Cooperative Inc. (Seminole or SECI), Fla. At the same time, Standard & Poor's affirmed its 'A-' long-term rating on Seminole's series A, B, and C notes; and its 'A-' long-term rating on Putnam County Development Authority's pollution control revenue refunding bonds (Seminole Electric Cooperative Inc. project). The outlook is stable. The affirmations reflect the Rural Utility Service's (RUS) approving and SECI's board adopting a new indenture in December 2009. Standard & Poor's has reviewed the indenture and in our opinion, it does not affect the rating. Standard & Poor's previously revised its outlook on Seminole to stable from negative in July 2009. The outlook revision...

Companies mentioned in this report are: Seminole Elec Coop,Putnam Cnty Dev Auth
Action: Affirmed
Action: Outlook: Stable

Seminole Elec Coop,Putnam Cnty Dev Auth

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