TEXT-S&P corrects Cedar Brakes I LLC rating
Dec 13 - Standard & Poor's Ratings Services today raised to 'BBB' from 'BBB-' the ratings on Cedar Brakes I LLC under the "Project Finance Construction And Operations Counterparty Methodology," published on Dec. 20, 2011. Following the release of the criteria, we did not apply it to Cedar Brakes I LLC. Under this criteria, the rating on Cedar Brakes I LLC is linked to the weaker of the corporate credit rating of the key counterparties, Exelon Corp. (BBB/Stable/A-2) and Public Service Electric & Gas Co. (PSE&G; BBB/Positive/A-2). The outlook is stable. Cedar Brakes I LLC, in back-to-back purchased power agreements (PPAs), receives power through its role as offtaker in a long term PPA with Exelon Corp. and provides energy through its role as supplier in a long-term PPA with PSE&G. RATING LIST Raised Rating To From Cedar Brakes I LLC Senior secured debt BBB/Stable BBB-/Stable Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
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