Moody's upgrades Mackinaw Power

Moody's Investors Service said it upgraded the rating assigned to Mackinaw Power, LLC's (Power) senior secured notes due Oct. 31, 2023, to Baa2 from Baa3.

“Today's rating action considers Power's strong operating and financial performance that is expected to continue and factors in the deleveraging that occurred at its parent Southeast PowerGen, LLC (SEPG) during the second half of 2021. Specifically, SEPG closed on an asset sale during the second half of 2021 and used the sale proceeds to repay in full the SEPG term loan, a positive for Power whose credit profile had been constrained by the weaker credit profile of SEPG,” Moody’s said in a press release.

The outlook is stable.

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