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S&P: Elwood Energy unchanged
Standard & Poor's said the ratings on Elwood Energy LLC (B+/negative) would not be affected by the placement of Aquila Inc.'s (B-/Watch positive/B-3) ratings on CreditWatch with positive implications.
However, it is likely that the outlook on Elwood Energy would be revised to stable from negative, if the ratings on Aquila are upgraded, the agency noted.
Aquila provides 48% of Elwood Energy's contractual net operating cash flow through 2012 and 100% thereafter, until 2017, S&P added.
Elwood Energy's rating remains above Aquila's rating because of stable cash flows from a power-purchase agreement with Exelon Corp. (A-/Watch negative/A-2) and a solid liquidity position, the agency said.
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