S&P lifts Salton Sea bonds

Standard & Poor's said it raised its rating to BBB- from BB+ on Salton Sea Funding Corp.'s senior secured bonds series C, E and F after an annual review of the project.

At the same time, the agency said it removed the rating from CreditWatch with positive implications, where it was placed on June 13, 2006.

The rating on Salton Sea's bonds reflects the following strengths: the recent price negotiations provide for fixed prices that are strong at about 6.15 cents/kWh and provide for investment-grade metrics at the project and about $110 million in debt will be outstanding when fixed-price term expires in May 2012.

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