S&P shifts Elwood Energy view to stable

S&P said it changed the outlook on Elwood Energy LLC’s senior secured notes to stable from positive and affirmed the BB+ ratings on its notes.

“The stable outlook reflects our view that Elwood’s operations remain consistent and that although we expect somewhat diminished cash flows due to lower-than-previously-forecast capacity prices, we forecast average coverage ratios to be relatively high at 2.69x, and a minimum DSCR of 1.75x. In addition, we view the fully amortizing debt profile as a credit positive,” S&P said in a press release.

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