S&P lowers CE Generation

Standard & Poor's said it lowered the rating to BB from BB+ on CE Generation LLC's senior secured notes due 2018.

The outlook is negative.

The issue recovery rating is unchanged at 1.

The downgrade reflects the inability of the largest operating unit, Salton Sea Funding Corp., to currently send dividends to CE Generation, S&P said.

The downgrade also considers an expectation of weaker-than-projected credit metrics because of an increased capital investment by Salton Sea, the agency said.

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