SECURITY The revenue bond obligations are secured by a lien upon and pledge of, the revenues and moneys in the revenue fund on parity with other revenue obligations, and prior to the payment of CP notes. KEY RATING DRIVERS STABLE CUSTOMER BASE: The authority is one of the nation's largest municipal wholesale systems, serving either directly or indirectly customers spanning all 46 counties within the state of South Carolina (Long-Term Issuer Default Rating 'AAA'/Outlook Stable). The state's improving economy provides stability to the authority's operations, as does a long-term (2058) power sales agreement with Central Electric Cooperative, which accounts for close to 60% of total annual revenue. NUCLEAR CONSTRUCTION CHALLENGES: Recent construction delays and cost overruns related to the nuclear expansion project at V.C. Summer Nuclear Generating Station Units 2 and 3 (Summer Units 2 and 3) remain a growing concern. The authority's ability to exercise the fixed-price option in its engineering, procurement and construction (EPC) contract could prove a positive development as it will likely provide greater certainty of remaining nuclear construction costs. The fixed price option is under review by the authority's governing board with a final decision expected by the end of June 2016. NUCLEAR CONTRACTOR CONCERNS: Although Fitch views the recent consolidation of the nuclear expansion project contractors (Westinghouse Electric Company LLC and Stone & Webster, Inc.) positively, the weakening credit profile of Toshiba Corporation (not rated by Fitch) is an increasing concern.
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