Moody's: Cedar Brakes I, II up to stable

Moody's Investors Service said it changed the rating outlook of Cedar Brakes I and Cedar Brakes II to stable from negative. The senior secured debt of CBI and CBII continues to be rated Caa1.

Moody's said this action follows the confirmation of El Paso Corp.'s senior unsecured rating at Caa1 with a stable outlook.

Moody's said Cedar Brakes I and II benefit from liquidity accounts, which are available to cover timing differences in electric power deliveries and debt service requirements.

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