S&P lifts Tenaska Georgia

S&P said it raised its rating on Tenaska Georgia Partners LP’s senior secured bonds to BBB from BBB-.

The rating boost follows the upgrade of Constellation Energy Generation LLC to BBB from BBB-, the agency said.

“Constellation is TGP's sole revenue counterparty, through a power purchase agreement, and the project is reliant on Constellation's payments to maintain its facility operations and cover its debt service. Therefore, we cap our rating on TGP's senior secured debt at the same level as our rating on Constellation, even though in our view, the project's business risk and financial metrics are commensurate with a higher rating,” S&P said in a press release.

The outlook is positive.

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