S&P ups Tenaska Alabama Partners bonds

Standard & Poor's said it raised its rating on Tenaska Alabama Partners LP's (TAP) $361 million of 7% senior secured bonds due in 2021 to BB- from B+, following a similar rating action on The Williams Cos. Inc. (Williams, BB-/positive/B-2).

The outlook is positive.

S&P said the rating on TAP reflects the following risks: Project viability requires TAP to meet minimum availability performance requirements under the 25-year fuel conversion services agreement with Williams Power Co. Inc. and the offtaker is an unrated subsidiary of Williams, which is a speculative-grade company.

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