S&P affirms GWF notes

Standard & Poor's said it affirmed its BBB rating on GWF Energy LLC's $226 million ($70.25 million outstanding) 6.13% senior secured notes due December 2011.

The outlook is stable.

"The rating reflects reliable and stable operations at each of the generating facilities as well as power that is fully contracted, so bondholders are not exposed to merchant risk," said credit analyst Terrence Marshall.

"The rating is further supported by the project's use of proven gas turbine technology with a demonstrated history of reliability."

The agency added that proceeds from the bond offering were used to repay a short-term bank facility and to return capital to the partners.

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