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Moody's may upgrade Borger bonds
Moody's Investors Service said it is reviewing the Ba3 rating of Borger Energy Associates LP's 7.26% first mortgage bonds due 2022 for possible upgrade.
The rating review was prompted by an improvement in operational and financial performance at the plant, the agency said. Availability at the plant under the terms of the power purchase agreement has averaged 93% from 2006 through September, and the debt service coverage ratio calculated by Moody's has improved steadily from 1.29 times in 2006 to 1.42 times for the trailing 12 months ended Sept. 30.
The review will focus on whether the improved operating and financial performance is expected to continue, Moody's said.
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