Moody's changes LS outlook to stable

Moody's Investors Service said it affirmed the Baa3 rating on LS Power Funding Corp.'s 8.08% senior secured bonds due December 2016 and revised the outlook to stable from negative.

The agency said the rating affirmation and outlook revision reflect its belief that the debt service coverage ratio is likely to rebound to around 1.4 times on a consolidated basis for most of the remaining tenor on the bonds that mature at the end of 2016. This assessment is based on Moody's view that the generation profile of Whitewater and Cottage Grove, each a 245 megawatt co-generation plant, is likely to remain consistent with the electric output experienced at each of the plants during the past several years.

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