Moody's upgrades Cleco

Moody's Investors Service said it upgraded the senior unsecured rating of Cleco Corp. to Baa2 from Baa3 and the senior unsecured and issuer ratings of Cleco Power LLC to Baa1 from Baa2.

The outlooks are positive.

"The positive outlooks acknowledge the reduction in the business risk profile at Corp through the near completion of its exit from unregulated activities as well as the potential growth opportunities at its regulated utility," Moody's analyst Jeffrey Cassella said in a news release.

"The positive outlooks also consider the supportive regulatory framework in Louisiana and the prospective improvement of financial metrics including reduced leverage at the parent and a transition to positive free cash flow."

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