Moody's ups System Energy

Moody's Investors Service said it upgraded the senior unsecured debt of System Energy Resources, Inc. to Baa3 from Ba1.

Concurrently, Moody's upgraded the secured lease obligation bonds to Baa2 from Baa3 and the first mortgage bonds to Baa1 from Baa2.

The company is a wholly owned subsidiary of Entergy Corp. and has a 90% combined ownership and leasehold interest in the Grand Gulf nuclear generating station located in Port Gibson, Mississippi.

Moody's said System Energy's ratings reflect Grand Gulf's position as an attractive, low-cost generating asset, its strategic importance to the Entergy system as evidenced by its owners' recent $874 million up-rate investment.

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