Standard&Poor's Ratings Services rates U.S. electricity generator Panoche Energy Center LLC's $321 million ($307.4 million outstanding as of Dec. 31, 2011) senior secured bonds due in July 2029 'BBB-'. The outlook on the rating is stable. Panoche used the debt proceeds to fund the plant's construction, and will repay the debt with revenues it plans to earn through a long-term power purchase agreement (PPA) with Pacific Gas&Electric Co. (PG&E; BBB/Stable/A-2). Kiewit Power Constructors Co. (not rated) built the plant under a fixed-price, turnkey engineering, procurement, and construction contract. The Wood Group (not rated) conducts day-to-day operations and maintenance (O&M). A contractual services agreement (CSA) with GE Energy, an affiliate of General Electric Co. (GE; AA+/Stable/A-1+), covers
