S&P lifts Elwood to stable

Standard & Poor's said it affirmed the BB- ratings on Elwood Energy LLC's $402 million 8.159% amortizing senior secured bonds due 2026.

The outlook also was revised to stable from negative.

The 1 recovery rating on the bonds is unchanged.

The bond rating reflects an expectation of volatile cash flows resulting from increasing exposure to merchant power markets, S&P said.

These negative rating factors are offset by the company's strong operational performance and the potentially higher utilization of Elwood's generating units due to prevailing low natural gas prices, the agency said.

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