Moody's revises Tenaska view to negative

Moody's Investors Service said it revised the outlook to negative from stable on Tenaska Georgia Partners, LP’s about $180 million of senior secured bonds due 2030. Concurrent with this action, Moody's affirmed the Baa2 rating on the bonds.

“The change in rating outlook to negative reflects TGP's linkage to the rating and outlook of Exelon Generation Co., LLC (ExGen, Baa2 negative) as TGP's sole contract counterparty. Moody's recently revised ExGen's outlook to negative from stable following the announcement that it will be spun off as an independent entity from its parent company, Exelon Corp. (Exelon, Baa2 stable). ExGen's negative outlook is also partly attributed to the recent severe cold temperatures in Texas and the Midwest, which resulted in a pre-tax loss of between $750 million to $900 million as some of ExGen's natural gas-fired units were offline for a period of time,” Moody’s said in a press release.

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