Moody's ups Quezon Power to B2

Moody's Investors Service said it upgraded the senior secured bond rating of Quezon Power (Philippines) Ltd. Co. to B2 from B3.

The outlook is stable.

The upgrade was prompted by the improving operational and financial profile of Meralco, the largest private electricity distributor in the Philippines and the sole offtaker for Quezon, Moody's said.

It also reflects Quezon's track record in maintaining a stable operational and financial profile, the agency said.

Previously, Moody's said it was concerned with Meralco's high refinancing risks given its strong reliance on short-term debt.

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