Standard & Poor's Ratings Services said it raised by two notches to A-minus from BBB the rating on Missouri Joint Municipal Electric Utility Commission's (MJMEUC) power revenue bonds issued for the Plum Point project.
It also assigned an A-minus rating to MJMEUC's series 2014 power revenue refunding bonds issued for the Plum Point project. The outlook is stable.
"The upgrade is based on our view of the improved credit quality of the project's participant cities, which is most crucial to the overall credit quality of the structure," said Standard & Poor's credit analyst Theodore Chapman. The upgrade affects $313.6 million of debt.
The 2014 bond proceeds will be used to advance refund for savings the commission's series 2006 revenue bonds, which were originally issued to finance the joint action agency's 148-megawatt (MW) share of the Plum Point Energy Station located near Osceola, Ark.
