Research Update: Yellowstone Energy L.P. Senior Secured Note Rating Raised To 'BBB' On Revised Financial Forecast; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Yellowstone Energy L.P. Senior Secured Note Rating Raised To 'BBB' On Revised Financial Forecast; Outlook Stable

Research Update: Yellowstone Energy L.P. Senior Secured Note Rating Raised To 'BBB' On Revised Financial Forecast; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Yellowstone Energy L.P. Senior Secured Note Rating Raised To 'BBB' On Revised Financial Forecast; Outlook Stable
Published Feb 21, 2019
11 pages (3667 words) — Published Feb 21, 2019
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

After we lowered our assumption on cost escalation at Yellowstone Energy L.P. (YELP) based on our analysis of historical trends, minimum coverage in our revised forecast increased to 1.71x from 1.68x. As a result of this improvement, as well as our expectation that minimum coverage could rise further, we raised the rating one notch on YELP's $131.5 million senior secured notes due 2026 to 'BBB' from 'BBB-'. The stable outlook reflects our view that minimum coverage under our base-case forecast will likely remain around 1.7x-2.0x during the next two years. It also reflects the stable outlook on NorthWestern Corp. (BBB/Stable/A-2), doing business as NorthWestern Energy, the off-taker for YELP's electricity; our rating on NorthWestern Energy now caps our rating on

  
Brief Excerpt:

...+ After we lowered our assumption on cost escalation at Yellowstone Energy L.P. (YELP) based on our analysis of historical trends, minimum coverage in our revised forecast increased to 1.71x from 1.68x. + As a result of this improvement, as well as our expectation that minimum coverage could rise further, we raised the rating one notch on YELP's $131.5 million senior secured notes due 2026 to '###' from '###-'. + The stable outlook reflects our view that minimum coverage under our base-case forecast will likely remain around 1.7x-2.0x during the next two years. It also reflects the stable outlook on NorthWestern Corp. (###/Stable/A-2), doing business as NorthWestern Energy, the off-taker for YELP's electricity; our rating on NorthWestern Energy now caps our rating on YELP....

  
Report Type:

Research Update

Issuer
Yellowstone Energy LP
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Yellowstone Energy L.P. Senior Secured Note Rating Raised To 'BBB' On Revised Financial Forecast; Outlook Stable" Feb 21, 2019. Alacra Store. May 16, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Yellowstone-Energy-L-P-Senior-Secured-Note-Rating-Raised-To-BBB-On-Revised-Financial-Forecast-Outlook-Stable-2170538>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Yellowstone Energy L.P. Senior Secured Note Rating Raised To 'BBB' On Revised Financial Forecast; Outlook Stable Feb 21, 2019. New York, NY: Alacra Store. Retrieved May 16, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Yellowstone-Energy-L-P-Senior-Secured-Note-Rating-Raised-To-BBB-On-Revised-Financial-Forecast-Outlook-Stable-2170538>
  
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