S&P stabilizes Midland Cogeneration view

S&P said it affirmed the BB rating on Midland Cogeneration Venture LP’s debt and revised the outlook to stable from negative following the Michigan Public Service Commission’s approval of a fixed-energy rate settlement with Midland’s revenue counterparty.

“We revised the outlook to stable to reflect our expectation that the project's revenue profile will remain stable following MPSC's approval of the PPA settlement with Consumers in March. In April 2020, the project reached a settlement with Consumers in which the PPA term was extended until May 2030 and the FER was revised to a fixed rate of $6.14/MWh, subject to final approval,” S&P said in a press release.

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