Standard & Poor’s raised to A-plus from A the underlying ratings on outstanding bonds for the Massachusetts Municipal Wholesale Electric Co.’s Nuclear Mix Projects No. 1, 3, and 4.
Standard & Poor’s raised outstanding bonds for Nuclear Project No. 6 to A-minus from BBB-plus and affirmed its A rating on outstanding bonds for Nuclear Project No. 5.
It also assigned an A-plus to the power supply project revenue refunding bonds for projects 1, 3, and 4; A to the project 5 bonds; and A-minus to the project 6 bonds. The outlook is stable.
“The upgrades reflect what we consider improved credit quality of MMWEC’s participating members; good coverage and solid liquidity at each of the projects; rapid amortization of debt outstanding; and the plants’ successful relicensing and demonstrated reliability measures,” said Standard & Poor’s analyst Jeffrey Panger.