S&P lifts Indiantown Cogeneration

S&P said it raised its rating on Indiantown Cogeneration LP’s $268.4 million senior secured notes to A- from BBB+ and the rating on its $127.8 million subordinated notes to BBB+ from BB+.

The outlook is revised to stable from positive.

“The upgrade reflects the plant's near zero dispatch during the peak summer months of 2018, as against our previous expectations of 5% for 2018, and significantly lowers O&M expenses in comparison to our earlier forecasts,” S&P said in a news release.

“We believe that ICL will sustain this cost reduction, and the mismatch between its energy revenue and fuel cost will be eliminated because FPL will not be dispatching the plant in the future.”

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