Moody's lifts Cogentrix note

Moody's Investors Service said it upgraded the rating for Cogentrix Energy Inc.'s $354 million senior unsecured notes due 2008 to Aa3 from Ba3. The outlook is stable.

The rating action reflects bondholder approval of changes to the indenture, particularly an unconditional payment guarantee provided by The Goldman Sachs Group Inc. (Aa3 senior unsecured).

Separately, Moody's withdrew its Ba2 senior implied rating and Ba3 issuer rating for Cogentrix Energy Inc.

Moody's said the Ba2 rating for Cogentrix Delaware Holdings Inc.'s $278 million senior secured credit facilities remains under review for possible upgrade. It is Moody's expectation that this review will not be concluded until completion of the reaudit of the company's prior financial statements and completion of audited 2003 financial statements.

The debt of Cogentrix Delaware Holdings Inc. is not guaranteed by Goldman Sachs.

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