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Moody's affirms ESI Tractebel
Moody's Investors Service said it affirmed the Ba1 rating on the 7.99% senior secured bonds due 2011 for ESI Tractebel Acquisition Corp. The outlook is stable.
Moody's said the affirmation takes into account the proposed restructuring of four long-term power purchase agreements between two utility subsidiaries of NSTAR (A2 senior unsecured) and Northeast Energy Associates and a proposed termination of an additional PPA with Montaup Electric Co.
Moody's said the rating affirmation is based on the high probability that the proposed amendment will result in improved operating margins and cash flows.
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