Moody’s Investors Service (“Moody’s”) has upgraded Crockett Cogeneration, LP’s (Crockett or the Project) senior secured notes to Caa1 from Caa3. The upgrade to Caa1 and the outlook revision to positive reflects Pacific Gas & Electric Company’s (PG&E) proposed plan of reorganization that incorporates PG&E assuming its power purchase agreements (PPA). PG&E’s bankruptcy and the risk of PPA rejection in bankruptcy has been the primary risk constraining Crockett’s credit quality since the project derives most of its operating cash flow from its PPA with PG&E and the proposed plan would ensure that PG&E honors its obligation to the project.
blaineonline.finance.blog 