Moody's may lift AES Ironwood

Moody's Investors Service said it placed the B2 rating of the senior secured bonds of AES Ironwood, LLC under review for possible upgrade.

The review of Ironwood's rating was prompted by the review for upgrade of The Williams Cos., Inc. (senior unsecured B1), which guarantees the payments of its subsidiary, Williams Energy Marketing & Trading Co., under a long-term tolling agreement that expires in 2021, Moody's said.

However, current expectations for operating performance and cash flow coverages for the project are likely to constrain its rating to the B1 level regardless of the level of William's rating, the agency said.

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