Moody’s raises Tensaka Virginia

Moody's Investors Service said it upgraded the senior secured rating of Tenaska Virginia Partners, LP to Baa2 from Baa3.

The outlook is stable.

Moody’s said the action reflects the consistently strong financial performance of Tenaska Virginia over an extended period of time. Tenaska Virginia has produced debt service coverages at or above 1.45 times over the last few years, and the agency expects this to continue.

The action also considers the predictability and stability of the cash flows generated under a long-term Energy Conversion Agreement with Shell Energy North America (A2 stable), where all of the fuel cost risk is borne by that offtaker, Moody’s said.

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