Moody's affirms Panoche

Moody's Investors Service said it affirmed the Baa3 rating on Panoche Energy Center LLC's 6.885% senior secured bonds due 2029.

The agency said it is also maintaining the negative outlook initially placed on the rating in January 2011. While issues associated with the outlook revision in January 2011 have largely been resolved, Moody's said the project has achieved weaker than expected financial metrics.

Moreover, Moody's said the negative outlook also reflects the overhang associated with potential greenhouse gas emissions liabilities.

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