S&P affirms Quezon Power bonds

Standard & Poor's said it affirmed its B- senior secured rating on the $215 million bonds issued by Quezon Power (Philippines) Ltd. Co. At the same time, the rating was removed from CreditWatch with positive implications.

The outlook is negative.

S&P said the rating is constrained by the credit profile of the offtaker, Manila Electric Co. (Meralco), whose rating was revised Tuesday to B- with a negative outlook. Meralco is the sole offtaker of electricity from Quezon Power.

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