Moody's lifts East Coast Power notes

Moody's Investors Service said it upgraded East Coast Power, LLC's 7.536% senior secured notes (roughly $145 million outstanding) to Baa2 from Baa3.

The outlook is stable.

Moody's said the upgrade principally reflects continued strong and consistent debt service coverage ratios (DSCR) above 1.8x on a consolidated basis (includes preferential payments to limited partners) and expectations that DSCRs will continue to remain at this level.

The upgrade also reflects the robust historical operating track record at East Coast Power with availability consistently above 90% along with the extensive involvement by General Electric Capital Corp. in the project as owner and operator of the assets.

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