Summary: Knoxville, Tennessee; Retail Electric Feb 09

Standard & Poors, February 2009

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' standard long-term rating to Knoxville, Tenn.'s series Y-2009 electric system revenue improvement bonds, issued for the Knoxville Utilities Board (KUB). Additionally, Standard & Poor's affirmed its 'AA+' standard long-term rating and underlying rating (SPUR) on the existing parity debt. The rating is based on the utility's role as the sole distributor of competitively priced, take-and-pay Tennessee Valley Authority (TVA) power, which greatly reduces financial and operating risk. KUB has approximately $110.8 million in existing long-term revenue bonds as of June 30, 2008. The rating also reflects the electric division's: Economically strong service area, which serves as an employment anchor for an eight-county area in eastern Tennessee; Sound financial management of the system,...

Companies mentioned in this report are:
- Knoxville

Action: New Rating

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.

- Knoxville

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