S&P: Elwood Energy bonds on positive watch

Standard & Poor's said it placed its B+ rating on Elwood Energy LLC's $402 million senior secured bonds due 2026 on CreditWatch with positive implications.

The CreditWatch listing follows an announcement by Aquila Inc. (B-/Watch positibe/B-3) that it will pay Constellation Energy Commodities Group Inc., a subsidiary of Constellation Energy Group Inc. (BBB+/Watch Dev/A-2), $218 million to assume its obligations under a power sales agreement with the project, the agency noted.

The agency added that this assignment, when concluded, significantly reduces credit risk, but should not affect the cash flow generation in the project.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.