S&P changes Tenaska Georgia view

S&P said it revised its outlook on Tenaska Georgia Partners LP's $275 million senior secured bonds due 2030 to positive from stable.

At the same time, the agency affirmed its BBB rating on the bonds.

The action reflects that on the project's revenue counterparty, Exelon Generation Co. LLC (BBB/positive/--), S&P said.

“We view Exelon as material and irreplaceable in our counterparty dependency assessment and the rating on Exelon caps the project rating,” S&P said in a news release.

“The project's strong operational and financial performance would otherwise support a higher rating given the highly stable performance with availability levels above the contractual requirement, robust capacity payments that cover project debt and operating expenses, and a long-term service agreement (LTSA) with General Electric Co. (GE) that mitigates operations costs.”

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