S&P ups Quezon bonds

Standard & Poor's said it raised the rating on Quezon Power (Philippines) Ltd.'s $215 million of senior secured bonds to B+ from B to reflect the improving credit profile of Manila Electric Co. (B+/stable), which buys all of Quezon's power output.

The outlook is stable.

The rating also reflects the stability of Quezon's operations, the agency said.

"We expect Quezon to maintain its operating stability. The utility's low operating costs make it highly competitive. It also ensures that Quezon is a preferred dispatcher of electricity in the Philippines' liberalized wholesale electricity market," said S&P credit analyst Allan Redimerio.

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