S&P lifts GWF Energy

Standard & Poor's said it raised the rating to BBB from BBB- on GWF Energy LLC's $226 million ($91.4 million currently outstanding) 6.13% senior secured notes due December 2011.

The outlook is stable.

S&P said the raised rating follows improved and strong fundamentals of the project, combined with the remote possibility of novation of the power purchase agreement with the California Department of Water Resources (A/positive).

Continued strong operating performance at all units during the past four years has helped the project record strong financial performance, with a higher-than-expected debt service coverage ratio, the agency added.

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