On Dec. 14, 2022, S&P Global Ratings published its revised criteria for rating project finance transactions, "General Project Finance Rating Methodology" and "Sector-Specific Project Finance Rating Methodology". We completed our review of the issue-level rating on Yellowstone Energy L.P. (YELP) and affirmed our 'BBB' rating under the revised criteria. The outlook remains stable. YELP is a petroleum (pet) coke-fueled, circulating fluidized bed power plant adjacent to an ExxonMobil Corp. (Exxon) refinery in Billings, Mont. The project began operations in 1995 and burns pet coke sourced from three local refineries. Exxon supplies fuel for no charge from its adjacent refinery, and the project supplies steam for free to Exxon up to a threshold. The pet coke from Exxon has historically met
