Fitch rates Tennessee Valley bonds AAA

Fitch Ratings said it assigned an AAA rating to the $1 billion 2012 series B Tennessee Valley Authority's global power bonds.

In addition Fitch affirmed the authority's parity global power bond ratings. The outlook is negative.

Fitch said the AAA rating reflects the authority's status as a wholly owned corporation of the U.S. government. Fitch takes into account in its assessment the likelihood and degree of government support and similarly rated government-sponsored entities.

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