S&P assigns BB- to TerraForm notes

Standard & Poor's said it assigned its BB- issue-level rating and 3 recovery rating to TerraForm Power Inc.'s wholly owned subsidiary TerraForm Power Operating LLC's proposed senior unsecured notes due 2025.

The 3 recovery rating reflects an expectation of meaningful (50% to 70%; in the upper half of the range) recovery if a default occurs.

The company intends to use net note proceeds to fund a portion of the Invenergy Wind acquisition, for other renewable projects and to pay related fees, expenses and other related costs.

As of March 31, Terraform had about $2.2 billion of reported balance sheet debt.

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