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Fitch affirms Mackinaw Power
Fitch Ratings said it affirmed the BBB- rating on Mackinaw Power, LLC's $288.9 million of senior secured bonds, along with the BB- rating on Mackinaw Power Holdings, LLC's $147 million senior secured term loan.
The ratings reflect the company's ability to provide full and timely payment of the debt service obligations solely from operating cash flows, Fitch said.
Cash flows have been and are expected to remain stable under fixed price tolling agreements with investment grade counterparties, the agency said.
The ratings also consider its solid historical performance and strong sponsorship support, Fitch said.
The company's alternate delivery point and financial settlement mechanisms allowed under the tolling agreements mitigate the impact of its infrequent forced outages to preserve full capacity payments and revenue stability, the agency added.
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