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Moody's affirms Borger Energy bonds
Moody's Investors Service said it affirmed Borger Energy Associates, LP's 7.26% first-mortgage bonds due 2022 at Ba3 following the announcement by Quixx Corp. that it has reached a definitive agreement for the sale of its interests in Borger to affiliates of Energy Investors Funds.
The outlook is stable.
Quixx, a subsidiary of Xcel Energy, Inc. (Baa1 senior unsecured) has entered into a definitive agreement for the sale of its .45 % general partnership and 43.4256% limited partnership interests in Borger to EIF-Borger LLC and EIF-Borger Holdings, LLC.
Borger's Ba3 senior secured rating is driven by the project's operating and financial performance, which in 2004 and 2005 suffered from significant unscheduled outages and reduced steam sales, the agency added.
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