S&P affirms Panda Stonewall

S&P said it affirmed its BB- ratings on all Panda Stonewall's senior secured debt and letter-of-credit and revolving credit facilities. The outlook on the ratings is stable.

The recovery rating of 2 is unchanged, indicating an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of default. Recovery expectations were previously 80%.

“Stonewall achieved construction completion in the second quarter of 2017, which was within the time frame we had anticipated during our review of the project when it was in the final stages of construction,” S&P said in a news release.

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