Moody's: Elwood to negative

Moody's Investors Service said it affirmed Elwood Energy LLC's Ba1 rating on its senior secured bonds and changed the outlook to negative from stable.

The rating action reflects Elwood's increasing exposure to low merchant capacity prices after 2012 and full merchant exposure in 2017, Moody's said.

The rating also takes into consideration the nearly two-year period before maturity of the ExGen offtake agreement and the expectation that Elwood will comfortably cover debt service from 2012 through 2016, the agency said.

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