S&P rates LSP Madison loan BB+

Standard &Poor's said it assigned a BB+ rating to LSP Madison Funding LLC's $750 million senior secured term loan. The recovery rating is 2, indicating 70% to 90% expected recovery in a default.

The outlook is stable.

The ratings reflect cash flow generation from natural gas and hydro power plants, S&P said.

The ratings are based on the project's diversified portfolio of gas-fired and hydro assets across diverse markets, the agency said, as well as moderate levels of initial leverage.

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