S&P ups Crockett notes

S&P said it raised the rating on Crockett Cogeneration LP’s notes to B+ from CCC+ following the assignment of a BB- rating to Pacific Gas & Electric Co. Crockett sells power to PG&E.

The agency also revised the recovery rating to 2 (70%-90%; rounded estimate 70%) from 3 (50%-70%; rounded estimate: 55%), indicating an expectation of substantial rather than meaningful recovery, S&P said about Crockett’s senior secured notes.

The outlook is stable.

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