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S&P cuts Orange Cogen
S&P said it downgraded Orange Cogen Funding Corp.’s debt rating to BBB+ from A-.
The downgrade follows S&P lowering Orange’s revenue counterparty Duke Energy Florida LLC to BBB+ from A- on Jan. 26.
Orange Cogen is a subsidiary of Orange Cogeneration LP, the owner of a 104-megawatt gas-fired cogeneration power plant in Bartow, Fla., that began operating in 1995. Through a power purchase agreement, it sells its power to Duke.
The outlook is stable.
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