Moody’s ups Lower Mattagami Energy

Moody’s Investors Service said it upgraded Lower Mattagami Energy LP’s senior secured rating to A1 from A2.

“The rating upgrade reflects the maturity of the project since 2014 when expansion and upgrades to the project’s four hydro-electric generating stations were completed with availability performance consistently above the minimum required under the long-term hydroelectric energy supply agreement (HESA) between LMELP and the independent electricity system operator (IESO, Aa3 stable). The rating action also recognizes the good working relationship between the parties that results in a predictable application of the HESA leading to revenues and cash flow that consistently translate into strong debt service coverage ratios (DSCR) in excess of 1.9x,” Moody’s said in a press release.

The outlook remains stable.

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