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Moody's upgrades Continental Wind bonds
Moody's Investors Service said it upgraded Continental Wind, LLC's senior secured bonds to Baa2 from Baa3.
The outlook is stable.
The upgrades reflect Continental Wind's strong historical financial performance and an expectation of continued strong performance on a prospective and sustained basis, Moody's said.
Since 2014, Continental Wind has achieved a debt service coverage ratio ranging from 1.5x to 1.7x, which is well above the original Moody's base case expectations of around 1.4x, the agency said.
The upgrade also acknowledges the credit quality of the off-takers whose weighted average credit profile continues to remain above the credit quality of the project, the agency said, and whose collective strength provides resiliency and diversity to the cash flows.
The upgrades also reflect the demonstrated benefits of Exelon Corp.'s indirect ownership and management of the assets, Moody's said.
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