S&P ups Coloqyo Coal bonds

Standard & Poor's said it raised its rating to A from BB- on Colowyo Coal Funding Corp.'s $100 million 10.19% amortizing bonds due Nov. 15, 2016.

The outlook is stable.

In December, Western Fuels-Colorado LLC, a subsidiary of Tri-State Generation and Transmission Assn., acquired the project from the previous owner, Rio Tinto.

"The rating action reflects our view of the unconditional guarantee of Colowyo's debt obligations by Tri-State," said S&P credit analyst Ben Macdonald in a news release.

The rating on the project is now linked to that on Tri-State, the agency said.

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