Moody’s alters Cochrane trend to stable

Moody’s Investors Service said it changed Empresa Electrica Cochrane SpA’s outlook to stable from negative and affirmed the Ba1 rating on its senior secured notes due 2027.

“The affirmation of Cochrane's Ba1 and the outlook stabilization reflect our view that the project's counterparty risk remains adequate for the rating. Cochrane's Ba1 rating is driven by the robust terms of its availability-based power purchase agreements (PPA) that include termination clauses and capacity payments that underpin the project's ability to service the debt and maintain a debt-service coverage ratio (DSCR) of at least 1.4x for the life of the transaction,” Moody’s said in a press release.

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