TEXT-S&P corrects Cedar Brakes I LLC rating

Thu Dec 13, 2012 1:50pm EST

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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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