Upgrade For Desalination Project As It Plans Private Note Placement

Poseidon Resources received a one-notch upgrade to BBB from Fitch Ratings ahead of plans to privately place a $45 million note to finance construction of a new intake system for its desalination plant in Carlsbad, California.

Bank of America Merrill Lynch won the right to purchase the three-year note, expected to close in November, according to sources close to the deal.