Summary: Knoxville, Tennessee Knoxville Utilities Board; Gas Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA' rating and stable outlook to Knoxville, Tenn.'s series Q-2012 gas system revenue refunding bonds, issued for Knoxville Utilities Board (KUB). At the same time, we affirmed our 'AA' underlying rating (SPUR) and long-term rating on the gas system. The ratings reflect the system's: Service area that acts as an economic and employment anchor for an eight-county area in eastern Tennessee and remains stable despite the loss of a large employer and leading gas system customer; Diverse portfolio of supply and transmission agreements, which helps stabilize the system's operational profile and produce strong financial performance; and Role as a local distribution company with a purchased gas adjustor mechanism in its retail rates. This...

Companies mentioned in this report are:
- Knoxville Utils Brd
- Knoxville

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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.

- Knoxville Utils Brd
- Knoxville

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