Fitch upgrades Midland Cogeneration notes

Fitch Ratings said it upgraded Midland Cogeneration Venture LP's $560 million secured notes to BB+ from BB-.

The outlook is stable.

“The upgrade reflects the financial profile following the redemption of the series 2013 notes and lower debt service payments through the series 2011 notes maturity in March 2025,” the agency said in a news release.

“The project's high proportion of contracted revenues under a power purchase agreement (PPA) with Consumers Energy (Consumers; A-/stable) mitigates price risk.”

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