S&P upgrades Elwood Energy

S&P said it raised its issue-level rating on Elwood Energy LLC's fixed-rate fully amortizing senior secured notes due 2026 to BB from BB-.

The outlook is stable.

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

“The upgrade reflects an improved market risk score, consistent debt service coverage ratios, and strong downside resilience,” S&P said in a news release.

“The stable outlook reflects our expectation of consistent operations and sustained cash flow.”

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