S&P ups Quezon Power bond to B

Standard & Poor's said it raised its issue rating on the $215 million senior secured bonds ($149.425 million outstanding) issued by Quezon Power (Philippines) Ltd. Co.

The outlook is positive.

S&P said it raised the rating to reflect the improving credit profile of Manila Electric Co. (Meralco; B/positive/), the sole power offtaker for Quezon. The rating also reflects Quezon's continued operating stability.

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