S&P slashes Revere Power

S&P said it cut Revere Power LLC’s senior secured debt to B- from B+ and revised the debt recovery rating to 3 from 2, citing an estimated higher debt load. The 3 rating indicates meaningful (50%-70%; rounded estimate: 60%) recovery.

“We are now projecting a TLB balance of about $385 million at maturity in 2026 compared with our previous expectation of $320 million. This is largely spurred by minimal cash swept historically against the TLB, due, in part, to lower-than-expected capacity factors. As of June 2022, the TLB balance is $422 million, compared with an initial issuance amount of $445 million in March 2019,” S&P said in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.