Moody's ups Quezon bond

Moody's Investors Service said it upgraded the senior secured bond rating of Quezon Power (Philippines) Ltd. Co. to B1 from B2.

The outlook is stable.

The action has been prompted by the strong improvement in the financial and operational performance of Meralco, the largest private electricity distributor in the Philippines and the sole offtaker for Quezon, Moody's said.

The ratings also consider its strong operating track record, fuel cost pass through under the PPA agreement, and limited coal supplier risks because of long-term supply contracts, the agency said.

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