Bangkok--29 Dec--Standard & Poor's
Standard & Poor's Ratings Services raised its rating to 'A' from 'A-' on Northern California Power Agency's (NCPA) Hydroelectric Project No. 1 revenue bonds. The rating applies to NCPA's $458.4 million in debt secured by hydroelectric revenues.
"The 'A' rating on the hydroelectric project revenue bonds reflects our view of the contractual 25% step-up provision, which we believe could support 100% of project operating and debt service costs from participants that are rated 'A' or better," as well as our view of the competitive economics of the project," said Standard & Poor's credit analyst Ian Carroll.
The hydroelectric project consists of three diversion dams, the 243-megawatt (MW) Collierville Powerhouse, the New Spicer Meadow Dam and an associated 5.5 MW powerhouse, as well as tunnels and transmission facilities.
The stable outlook on the rating on the hydroelectric project revenue bonds reflects the outlooks on the ratings on the relevant rated participants in each project, each of which is stable.
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Ian Carroll, San Francisco (1) 415-371-5060
Peter V Murphy, New York (1) 212-438-2065
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