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S&P lifts Elwood Energy notes
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 agency said the upgrade reflects S&P's revised capacity price assumptions for the PJM Interconnection capacity market.
“We expect increased capacity prices in the ComEd Zone, where Elwood is located. As a result, the forecast minimum debt service coverage ratio (DSCR) is now 1.98x and the average DSCR is 2.93x under our base-case scenario,” S&P said in a news release.
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