Moody’s ups Tenaska Virginia notes

Moody’s Investors Service said it boosted the rating on Tenaska Virginia LP’s 6.119% senior secured notes due March 2024 to Baa1 from Baa2.

“The upgrade of TVP's senior secured rating to Baa1 from Baa2 considers TVP's long history of resilient financial performance, low leverage on a competitive asset, and its return to strong operational performance following an extended unscheduled outage in late 2020 through early 2021. For well over 10 years, TVP has demonstrated steady financial performance with debt-service coverage ratio (DSCR) typically ranging between 1.4x to 1.5x, which we expect will continue through final debt maturity in 2024,” the agency said in a press release.

The outlook is stable.

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