Fitch affirms Lea Power

Fitch Ratings said it affirmed the rating on Lea Power Partners, LLC's $224.2 million of senior secured notes due 2033 at BB+.

The outlook is stable.

The agency said the rating reflects the revenue stability provided by Lea Power's fixed-price tolling style power purchase agreement with Southwestern Public Service (BBB/stable), which effectively mitigates natural gas supply risk.

However, Fitch said the project has generally fallen short of the agency’s base case expectations, with a historical debt service coverage ratio profile which has ranged from 1.26x to 1.41x and averaged 1.33x during 2013 to 2017.

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