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Fitch upgrades Kleen Energy rating on improved financial metrics

Fitch Ratings on Oct. 15 upgraded Kleen Energy Systems LLC's $295 million term loan B due 2025 to BBB+ from BB, with a stable outlook.

"The rating upgrade reflects the project's improved financial metrics achieved through favorable changes to the terms of the debt facility, a predictable operating profile and adequate performance in the merchant market," the rating agency said in a report.

Kleen Energy is a special-purpose company created to own and operate the 620-MW Middletown Kleen Energy facility in Middlesex County, Conn.

The combined-cycle plant sells its energy into the merchant market and its capacity under a 15-year agreement with Eversource Energy subsidiary Connecticut Light and Power Co.