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Summary: Knoxville Util Brd, TN; Utility, Retail Electric Nov 01
Standard & Poors, November 2001
The 'AA' rating on Knoxville, Tenn.'s electric system revenue refunding bonds, issued for Knoxville Utility Board, reflects: The utility's role as a distributor of moderately priced power purchased from Tennessee Valley Authority (TVA} ('AAA'); The adoption of a new city charter amendment allowing the utility additional flexibility to compete should opportunities for market deregulation occur in the Tennessee region; Strong growth in the customer base and kilowatt hour (kWh) sales; A reduction in operating costs; and Moderate capital needs, with $35 million in variable-rate notes issued in January 2000 and about $20 million in long-term bonds expected in 2004. A senior lien on net revenues of the electric system secures the bonds. The utility board serves electric customers in portions...
Companies mentioned in this report are: Knoxville Utils Brd,Knoxville
Action: New Rating
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Knoxville Utils Brd,Knoxville