S&P affirms Colowyo bonds

Standard & Poor's said it affirmed the BB- rating on Colowyo Coal Funding Corp.'s $92.8 million of 9.56% amortizing bonds due Nov. 15, 2011 and $100 million of 10.19% amortizing bonds due Nov. 15, 2016.

The outlook was revised to stable from negative, reflecting the recent stability in operations, S&P said.

The project has operated since 2009 with no draws on its debt service letter of credit, which increases the confidence in future operations and lowers the break-even coverage level in future years, the agency said.

The ratings also reflect concerns regarding the project's credit profile, S&P said.

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