Moody's rates BRSP loan B1

Moody's Investors Service said it has assigned a B1 rating to BRSP LLC's $275 million term loan facility.

Proceeds of the debt will be used to refinance BRSP's existing term loan, which was obtained to finance the acquisition of certain lessor notes, the agency said.

The agency noted that BRSP is a special purpose entity indirectly owned by CIT Group, Inc. that exists solely to act as borrower under the term loan and to hold the lessor notes, which were issued as part of a leverage sale-leaseback financing of two power generation projects in South Carolina and Arizona with Calpine Corp.

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