S&P trims Mackinaw Power

S&P said it lowered Mackinaw Power LLC’s notes to BBB+ from A-.

“This rating action follows a similar action on its revenue counterparty Georgia Power Co. (GPC; BBB+/stable/A-2) following recently announced construction delays and rising costs associated with the construction of its Vogtle nuclear projects that are indicative of elevated construction and execution risks. We consider GPC to be an irreplaceable counterparty to the project because the project derives all its revenues from the tolling agreement with GPC. Hence, the rating on GPC caps the rating on Mackinaw,” S&P said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.