Fitch Revises Outlooks for 5 Prepaid Energy Transactions to Positive; Affirms Ratings at 'A'

Published: 2026-05-13 05:50:11 ET GS

Published on 05/13/2026 at 05:50 am EDT

Fitch Ratings has affirmed the following prepaid energy transactions at 'A' and revised the Rating Outlooks for each to Positive from Stable.

PEFA, Inc. (IA) Gas Project revenue bonds, series 2019;

SA Energy Acquisition Public Facility Corporation (TX) gas supply revenue bonds series 2007;

Southern California Public Power Authority (CA) gas project revenue bonds series 2007A & 2007B;

Tennessee Energy Acquisition Corporation (TN) gas project revenue bonds series 2006A;

Tennessee Energy Acquisition Corporation (TN) gas project revenue bonds series 2006C.

The rating actions reflect Fitch's assessment of the credit quality of the various counterparties and enhancement providers. They also reflect Fitch's May 5, 2026 affirmation of Goldman Sachs Group, Inc.'s (GSG) Long-Term Issuer Default Rating (IDR) at 'A' and revision of its Outlook to Positive from Stable. In each of the transactions, GSG represents the weakest counterparty whose default risk is not otherwise mitigated.

RATING ACTIONS

Entity / Debt

Rating

Prior

PEFA, Inc. (IA)

PEFA, Inc. (IA) /Gas Project Revenues/1 LT

Affirmed

Southern California Public Power Authority (CA) [Prepaid]

Southern California Public Power Authority (CA) /Prepaid Energy Project/1 LT

Affirmed

SA Energy Acquisition Public Facility Corporation (TX)

SA Energy Acquisition Public Facility Corporation (TX) /Prepaid Energy Project/1 LT

Affirmed

Tennessee Energy Acquisition Corp. (TN)

Tennessee Energy Acquisition Corp. (TN) /Prepaid Energy Project #1 - 2006A/1 LT

Affirmed

Tennessee Energy Acquisition Corp. (TN) /Prepaid Energy Project #2/1 LT

Affirmed

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VIEW ADDITIONAL RATING DETAILS

SECURITY

See links below to individual issuer rating action commentaries for details.

KEY RATING DRIVERS

See links below to individual issuer rating action commentaries for key rating drivers.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:

A return to a Stable Outlook for GSG's IDR would lead to a return to a Stable Outlook on each of the prepay transactions;

A downgrade of GSG IDR Rating would lead to negative rating action;

Unless otherwise mitigated, a change in the rating or credit quality of any of the respective counterparty's for each individual transaction to a level below GSG rating would lead to negative rating action.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:

An upgrade of Goldman Sachs Group Inc. Long-Term IDR would lead to positive rating action;

Shifts in the rating or credit quality of GSG, in addition to the relevant unmitigated counterparties in each individual transaction, above the current rating on each respective transaction would lead to positive rating action.

CREDIT PROFILE

See the links below for Fitch's rating action commentary on each transaction.

PEFA, Inc. (IA) Gas Project Revenue Bonds, Series 2019

https://www.fitchratings.com/research/us-public-finance/fitch-rates-pefa-inc-2019-gas-project-revs-a-outlook-stable-29-05-2019

SA Energy Acquisition Public Facility Corporation (TX) Gas Supply Revenue Bonds Series 2007

https://www.fitchratings.com/research/us-public-finance/fitch-affirms-sa-energy-acquisition-public-facility-corporation-series-2007-outlook-stable-25-01-2017

Southern California Public Power Authority (CA) Gas Project Revenue Bonds Series 2007A & 2007B

https://www.fitchratings.com/research/us-public-finance/fitch-affirms-scppa-ca-gas-project-revs-at-a-outlook-stable-14-09-2017

Tennessee Energy Acquisition Corporation (TN) Gas Project Revenue Bonds Series 2006A

https://www.fitchratings.com/research/us-public-finance/fitch-affirms-tennessee-energy-acquisition-corp-project-revs-ser-2006a-b-bonds-outlook-stable-17-09-2018

Tennessee Energy Acquisition Corporation (TN) Gas Project Revenue Bonds Series 2006C

https://www.fitchratings.com/research/us-public-finance/fitch-affirms-tennessee-energy-acquisition-corp-project-revs-ser-2006c-bonds-outlook-stable-28-09-2017

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

APPLICABLE CRITERIA

U.S Public Finance Prepaid Energy Transaction Rating Criteria (pub. 02 Jul 2024) (including rating assumption sensitivity)

U.S. Public Finance Structured Finance Rating Criteria (pub. 08 Jan 2025) (including rating assumption sensitivity)

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form

Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

DISCLAIMER & DISCLOSURES

All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/understandingcreditratings. In addition, the following https://www.fitchratings.com/rating-definitions-document details Fitch's rating definitions for each rating s

Solicitation Status

The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

Fitch's solicitation status policy can be found at www.fitchratings.com/ethics.

Endorsement Policy

Fitch's international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch's approach to endorsement in the EU and the UK can be found on Fitch's Regulatory Affairs page on Fitch's website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.