Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 9

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part II, Item 13
Chunk 9
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, the value of the investment could decline significantly or perhaps become worthless.  TVA has concentrations of credit risk from the banking, coal, and gas industries because multiple companies in these industries serve as counterparties to TVA in various derivative transactions.  At December 31, 2024, all of TVA's commodity derivatives under the FHP, currency swaps, and interest rate swaps were with counterparties whose Moody's credit ratings were A2 or higher.  TVA classifies forward natural gas contracts as derivatives.  At December 31, 2024, the forward natural gas contracts were with counterparties whose ratings ranged from B1 to A1.