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Rating Action:

Moody's places under review for upgrade various Goldman Sachs gas prepayment bonds

02 Nov 2020

New York, November 02, 2020 -- Moody's Investors Service (Moody's) has placed the A3 ratings of the below listed deals under review for upgrade following the placing of The Goldman Sachs Group, Inc. ("Goldman Sachs") senior unsecured A3 rating under review for upgrade on October 29, 2020.

• Black Belt Energy Gas District, Gas Prepay Revenue Bonds (Project No. 3), Series 2018

• Central Plains Energy Project, Gas Project Revenue Bonds, Series 2007A & Series 2007B (Project No. 1)

• Central Plains Energy Project, Gas Project Revenue Bonds (Project No. 3), Series 2012

• Central Plains Energy Project, Gas Project Revenue Bonds (Project No. 4), Series 2018

• Lower Alabama Gas District, AL, Gas Project Revenue Bonds, Series 2016A

• Lower Alabama Gas District, AL, Gas Project Revenue Bonds (Project No. 2), Series 2020

• Northern California Energy Authority, CA, Commodity Supply Revenue Bonds, Series 2018

• SA Energy Acquisition Public Facilities Corporation, TX, Gas Supply Revenue Bonds, Series 2007

• Southern California Public Power Authority, CA, Gas Project Revenue Bonds, Series 2007A, Series 2007B

• Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2006A

• Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2017A

• Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Ser. 2018

Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL435296 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE/ FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings of the above deals take into account the following factors:

(i) the credit quality of Goldman Sachs (A3 under review for upgrade) as guarantor for payments due under the prepaid gas agreements, receivables purchase agreements (when applicable), the back-end commodity swaps (when applicable) and the interest rate swaps (when applicable),

(ii) the structure and mechanics of the transactions which provide for the payment of debt service consistent with the rating assigned to the Bonds, and

(iii) for Black Belt Energy Gas District, Gas Prepay Revenue Bonds (Project No. 3), Series 2018 the credit quality of (i) Greenville Utilities Commission, NC (Aa1), (ii) Okaloosa Gas District, FL (Aa3), (iii) Omaha Metro.Util.Dist. NE Gas Ent. (Aa2) and (iv) Tallahassee (City of) FL Electric Enterprise (Aa3) as municipal participants,

(iv) for Central Plains Energy Project, Gas Project Revenue Bonds, Series 2007A & Series 2007B (Project No. 1) the credit quality of (i) Omaha Metro.Util.Dist. NE Gas Ent. (Aa2) as municipal participant and (ii) Transamerica Life Insurance Company (A1) as investment agreement provider,

(v) for Central Plains Energy Project, Gas Project Revenue Bonds (Project No. 3), Series 2012 the credit quality of (i) Natixis Funding Corp. (A1) as investment agreement provider and (ii) Omaha Metro.Util.Dist. NE Gas Ent. (Aa2) as municipal participant,

(vi) for Central Plains Energy Project, Gas Project Revenue Bonds (Project No. 4), Series 2018 the credit quality of (i) Moody's internal assessment of the likelihood of payments under the gas supply agreement for Fremont (City of) NE Gas Enterprise and (ii) Omaha Metro.Util.Dist. NE Gas Ent. (Aa2) as municipal participants,

(vii) for Lower Alabama Gas District, AL, Gas Project Revenue Bonds, Series 2016A the credit quality of (i) Clarke-Mobile Counties Gas District, AL (A1) as municipal participant,

(viii) for Lower Alabama Gas District, AL, Gas Project Revenue Bonds (Project No. 2), Series 2020 the credit quality of (i) Moody's internal assessment of the likelihood of payments of an enhanced pool of municipal participants and (ii) Massachusetts Mutual Life Insurance Company (Aa3) as investment agreement provider,

(ix) for Northern California Energy Authority, CA, Commodity Supply Revenue Bonds, Series 2018 the credit quality of (i) Sacramento Municipal Utility District, CA (Aa3) as municipal participant,

(x) for SA Energy Acquisition Public Facilities Corporation, TX, Gas Supply Revenue Bonds, Series 2007 the credit quality of (i) San Antonio (City of) TX Combined Util. Ent. (Aa1) as municipal participant,

(xi) for Southern California Public Power Authority, CA, Gas Project Revenue Bonds, Series 2007A, Series 2007B the credit quality of (i) Anaheim (City of) CA Electric Enterprise (Aa3) and (ii) Glendale (City of) CA Electric Enterprise (Aa3) as municipal participants,

(xii) for Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2006A the credit quality of (i) Royal Bank of Canada (Aa2(cr)) as commodity swap counterparty,

(xiii) for Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2017A the credit quality of (i) Clarke-Mobile Counties Gas District, AL (A1), (ii) Municipal Gas Authority of Georgia (A1), (iii) Omaha Metropolitan Utilities District, NE (Aa2), (iv) Patriots Energy Group, SC (A2), (v) Southeast Alabama Gas District (A2) and (vi) Tallahassee (City of) FL Electric Enterprise (Aa3) as municipal participants, and

(xiv) for Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Ser. 2018 the credit quality of (i) Clarksville (City of) TN Combined Util. Ent. (Aa2), (ii) Tallahassee Consolidated Utility Systems, FL (Aa1), (iii) Tennessee Energy Acquisition Corporation (A2), and (iv) Moody's internal assessment of the likelihood of payments under the gas supply agreements for (a) Elk River Utility District, TN, (b) Huntsville (City of) AL Gas Enterprise, (c) Jefferson & Cocke Counties P.U.D., TN, (d) Oak Ridge Utility District, TN, (e) La Grange Gas Authority, GA and (f) Powell-Clinch Utility District (Anderson & Campbell Counties), TN as municipal participants.

Factors that Could Lead to an Upgrade of the Ratings

» Upgrade of the long-term rating of Goldman Sachs

Factors that Could Lead to a Downgrade of the Ratings

» Downgrade of the long-term rating of Goldman Sachs

The principal methodology used in these ratings was US Gas Prepayment Bonds Methodology published in July 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1142804. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The List of Affected Credit Ratings announced here are all solicited credit ratings. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL435296 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Rating Solicitation

• Issuer Participation

• Participation: Access to Management

• Participation: Access to Internal Documents

• Disclosure to Rated Entity

• Endorsement

• Lead Analyst

• Releasing Office

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Joann Hempel
VP - Senior Credit Officer
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Chandra Ghosal
Vice President - Senior Analyst/Manager
Public Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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