S&P Global Ratings affirmed its 'BBB' rating on Yellowstone Energy L.P.'s (YELP) $131.5 million 5.75% senior secured notes due Dec. 31, 2026. The stable outlook reflects our expectation that the project will continue to operate in line with its historical performance and generate debt service coverage ratios (DSCRs) in the 1.65x-2.00x range throughout the debt term. YELP is a petroleum (pet) coke-fueled, circulating fluidized bed power plant adjacent to a Par Pacific Holdings, Inc. (Par Pacific) refinery in Billings, Mont. The project began operations in 1995 and burns pet coke sourced from three local refineries. Par Pacific supplies fuel for no charge from its adjacent refinery, and the project supplies steam for free to Par Pacific up to a threshold.
