Moody's lowers Elwood Energy

Moody's Investors Service said it downgraded Elwood Energy LLC's senior secured bond ratings to Ba3 from Ba2.

The outlook is stable.

Moody's said the downgrade of Elwood's bonds to Ba3 from Ba2 reflects the soon-to-be completed sale of Dominion Resources, Inc. 50% interest in Elwood to the lower rated EquiPower Resources Holdings. On August 20th, the Federal Energy Regulatory Commission (FERC) approved the transaction and the agency said it understands that no other approvals remain outstanding and that the transaction should close shortly.

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