S&P upgrades Yellowstone Energy

S&P said it raised the rating one notch on Yellowstone Energy LP's $131.5 million senior secured notes due 2026 to BBB from BBB-.

The outlook is stable.

The one-notch upgrade reflects revisions to the financial forecast leading to higher coverage levels that justify a BBB rating, S&P explained.

Minimum coverage improved by three basis points after the agency said it lowered cost escalation to 3% from 4% based on a review of actual expenses.

The stable outlook reflects a view that minimum coverage under the base-case forecast will likely remain at 1.7x to 2x during the next two years, the agency added.

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