Moody's Investors Service said it has affirmed the A1 senior lien rating and the A2 subordinate lien rating on the Municipal Electric Authority of Georgia's (MEAG Power) Project One revenue bonds and affirmed the A1 senior lien rating and A2 subordinate lien rating on the General Resolution revenue bonds.
The combined estimated debt outstanding is $3,793,541,000.
The outlook on Project One and General Resolution revenue bonds has been changed to stable from negative reflecting more certain and manageable Nuclear Regulatory Commission (NRC) regulations on the existing nuclear units that MEAG Power has ownership interest in and the less immediate risk to those bonds should any major construction delay or cost increase affect the new construction of Vogtle Nuclear Units 3 and 4.
In addition, Moody's has affirmed the A2 rating on MEAG Power's Project M bonds ($1,028,945,000); the A2 rating on the Project J ($1,248,435,000) and the Baa2 rating on the Project P Revenue Bonds($390,495,000) . These bonds financed MEAG Power's share of its ownership interest in the construction of Vogtle Nuclear Units 3 and 4. Moody's is maintaining a negative outlook on those bonds to reflect the uncertainty over the current cost dispute with project contractors and potential contractpressure related to the potential for cost increases above current budget and project delays past the current completion timetable.