Moody's ups Paiton Energy

Moody's Investors Service said it upgraded the senior secured rating of Paiton Energy Funding BV to B2 from B3.

Moody's said the rating action is based on the consistent delivery of strong operational and financial performance of PT Paiton Energy and the project since the power purchase contract was restructured in 2003. The availability factor of the company's plant averaged approximately 94% in 2003 and remained strong for the first nine months of this year. Payments from the off-taker, PT. PLN (Persero), have been on time and in accordance with invoices.

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