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S&P rates Helix Gen loans BB
S&P said it assigned a BB rating and 2 recovery rating to Helix Gen Funding LLC's $1.605 billion term loan B and $175 million revolver.
The outlook is stable.
The 2 recovery rating indicates 70% to 90% expected default recovery.
Project financing Helix Gen Funding issued the loan and a revolver to support LS Power Equity Partners III LP's acquisition of four power assets from TransCanada Corp.
The stable outlook reflects an expectation for sound operational performance at all four plants and power prices that do not decline materially from current expectations, the agency said.
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