Fitch ups Caithness Coso

Fitch Ratings said it has upgraded the rating of Caithness Coso Funding Corp.'s $303 million senior secured notes due 2009 to BB+ from BB and removed the Rating Watch evolving status.

Fitch said the rating action is due to the recent upgrade of Southern California Edison, the contractual counterparty for the project's output.

The rating reflects Coso's weaker financial profile following the expiry of the fixed energy price period under the SoCal Edison settlement agreement. During the fixed energy price period, Coso's credit fundamentals were stronger than typical for the rating category.

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