S&P Global Ratings on March 26 revised its outlook on Continental Wind LLC to positive from stable, based on strong operating and financial performance despite low wind volumes in the last three years.
Continental Wind is a 667-MW portfolio of 13 wind projects. Exelon Generation Co. LLC and John Hancock Life Insurance USA each indirectly own 50% of Continental Wind.
"We could upgrade the project's rating by one notch if the portfolio continues to demonstrate wind performance above our base case level and operating and maintenance costs remain stable," the rating agency said. S&P has a BBB- rating on Continental Wind's $613 million 6.00% senior secured notes due Feb. 28, 2033, which it also affirmed.
Exelon Generation is a subsidiary of Exelon Corp.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.