Moody's ups EES Coke notes to Ba3

Moody's Investors Service said it upgraded the rating for EES Coke Battery Co. LLC's series B secured notes due 2007 to Ba3 from B2.

The outlook is stable.

Moody's said this rating action reflects the improved certainty of cash flow resulting from a long-term contractual coke supply arrangement recently executed with five steel manufacturing facilities wholly owned by International Steel Group Inc. (senior implied Ba2).

Robust demand for coke has resulted in advantageous contractual pricing, and Moody's said it expects the project's annual debt service coverage in all remaining years to exceed two times.

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