S&P ups Cedar Bay Generating

Standard & Poor’s said it raised its rating to BB+ from BB on Cedar Bay Generating Co. LP’s $250 million senior secured first-lien term loan B facility.

The outlook is stable.

“The raised rating reflects our view of the project’s recent low levels of dispatch,” said S&P credit analyst Ben Macdonald in a news release. “The lower dispatch translates to a larger-than-forecast cash sweep and higher debt service coverage.”

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