S&P lifts Elwood Energy view to positive

S&P said it revised its outlook on Elwood Energy LLC's fixed rate, fully amortizing senior secured note issuance due 2026 to positive from stable. At the same time, S&P affirmed the BB- rating on the project.

The recovery rating is 1, indicating an expectation of a very high (range of 90%-100%, rounded estimate: 95%) recovery in the event of default.

“The positive outlook reflects consistent operations, amortizing debt structure, and a favorable location in the ComEd zone of PJM, where capacity prices, now aided by a Capacity Performance premium, have consistently been set above the rest of PJM as a whole; this could push DSCRs higher than the current expected minimum of about 1.74x,” said S&P credit analyst Richard Langberg in a news release.

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