Fitch affirms Kincaid

Fitch Ratings said it affirmed Kincaid Generation LLC's $265 million senior secured bonds at BBB-.

The outlook is stable.

Fitch said the rating reflects Kincaid's credit quality on a standalone basis, independent of the credit quality of its owner.

Considering its current operating risk profile, Kincaid's financial performance measurably exceeds that of most power projects in the rating category, the agency noted.

Once current contracts expire in 2013, however, Kincaid will be fully exposed to merchant prices, Fitch said.

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