Fitch affirms Lea Power

Fitch Ratings said it affirmed the rating on Lea Power Partners, LLC's $235.8 million senior secured notes due 2033 at BB+.

The outlook is stable.

Fitch said the rating reflects the revenue stability provided by Lea Power’s fixed-price tolling style agreement with Southwestern Public Service (BBB/stable), which effectively retains natural gas supply risk. The debt service coverage ratio (DSCR) averages 1.38 times though maturity in the Fitch rating case, with an overall declining coverage profile and a minimum DSCR of 1.2 times in 2032.

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