Fitch ups Plains End

Fitch Ratings said it upgraded Plains End Financing LLC's senior secured bonds to BB+ from BB. Fitch has also affirmed the subordinated secured bonds at B+. The outlook for both the senior secured and subordinated secured bonds is stable.

“The upgrade reflects the successful completion of three planned major maintenance events at the two gas peaking facilities in 2019. The final major maintenance event is slated for completion in January 2020; the cost of which is fully covered under the project's long-term maintenance and service agreement (LTSA) and represents the final planned major maintenance activity through the project's power purchase agreements (PPA) and debt tenor. The upgrade also reflects the project's continued stable financial performance, evidenced by its low dispatch levels and improved coverage metrics that are supported by a stabilized cost profile,” said Fitch in a press release.

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