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Moody’s ups Elwood Energy bond
Moody's Investors Service said it upgraded the rating on Elwood Energy LLC's $141 million 8.159% senior secured bond due 2026 to Ba1 from Ba2.
The outlook remains positive.
The agency said the upgrade reflects Elwood's strong financial profile with low $103 debt/kw in 2017 and cash flow visibility via cleared PJM capacity auction revenues extending until May 2022.
Moody's said it projects that over the next two years Elwood will achieve strong credit metrics, including debt service coverage ratios above 1.8 times, funds from operations to debt comfortably above 20% and debt/EBITDA below 3 times, owing to known PJM capacity results.
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