S&P upgrades Kiowa Power

S&P said it raised the rating to BBB from BBB- on Kiowa Power Partners LLC’s $281 million senior secured bonds due 2021.

The outlook is positive.

The upgrades are based on improving debt-service coverage and a strong operating profile that is highly resilient to downside stresses, S&P said.

The positive outlook reflects an expectation of further improvements in debt-service coverage as the bonds approach maturity, as well as a view that management will maintain consistent strong liquidity, the agency said.

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