S&P lifts Lea Power to stable

Standard & Poor's said it revised the outlook to stable from negative and affirmed the BBB- rating on Lea Power Partners LLC's $305.4 million senior secured bonds.

The outlook revision reflects a view that the project's operating costs are reaching a steady state and that cost saving measures should result in debt-service coverage that averages 1.3x to 1.4x through the life of the debt, S&P said.

The project's vulnerability to cost inflation is a weakness, the agency said.

Although stable, operating costs have been more than initial expectations, S&P said.

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