Moody's affirms Lower Mattagami

Moody's Investors Service said it affirmed Lower Mattagami Energy LP's A2 senior secured debt rating and the P-1 short-term rating for the company's commercial paper program.

The outlook remains stable.

"The affirmation of the ratings and stable outlook takes into account that the redevelopment, expansion and financing of the four hydroelectric generating stations owned by LMELP and a related entity, Lower Mattagami Limited Partnership, is progressing well," said Catherine Deluz, Moody's vice president and senior credit officer, in a news release.

Moody's said an upward revision of the company's ratings could occur if, when the assets are operational, debt service coverage ratios are in excess of what has been projected on a sustained basis.

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