Due to reduced ancillary revenues from lower ash sales, and a shift in the major maintenance cycle, minimum coverage under our base case for U.S. power project Yellowstone Energy LP has dropped. However, the project remains resilient under our downside case, and with exceptional liquidity levels, the final outcome is the same rating we assigned in our prior review. We are thus affirming the 'BBB-' rating on Yellowstone's senior secured debt. The stable outlook reflects our assessment of the project's operating performance, the reliability of fuel supply, a strongly rated offtaker, and our expectation that the project will perform in line with our base case and continue to demonstrate resilience under our downside case with strong liquidity levels. On Feb.
