S&P alters Edgewater Generation view to negative

S&P said it revised the outlook for Edgewater Generation LLC to negative from stable.

“The outlook revision reflects our view that Edgewater could face some pressure maintaining a debt service coverage ratio (DSCR) of 1.85x and sweep below our $20 million-$38 million target on the term loan B through excess cash flow if the recovery in the power sector after the pandemic is slower than expected and market fundamentals continue to be unfavorable,” S&P said in a press release.

The agency affirmed the BB rating on Edgewater’s senior secured term loan and credit facilities. The 2 recovery rating is also unchanged.

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