Fitch rates Midland Cogeneration notes BBB-

Fitch Ratings said it expects to assign a BBB- rating and stable outlook to Midland Cogeneration Venture, LP's $178 million of series B senior secured notes due March 2025.

The agency affirmed $526.7 million of senior secured existing notes due March 2025 at BBB- and revised the outlook to stable from positive.

Fitch said one of the key ratings drivers is that more than 90% of Midland Cogeneration's fixed and variable revenues are derived from contracted power and steam sales to investment grade offtakers. The Consumers Energy Co. power purchase agreement effectively passes through most of the fuel, operations and maintenance and emission costs through capacity and energy payments (revenue risk: midrange), the agency said.

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