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S&P affirms Elwood Energy
Standard & Poor's said it affirmed the BB rating on Elwood Energy LLC's senior debt and lowered the recovery rating on the senior debt to 3 from 2. The ratings on its $402 million 8.159% amortizing senior secured bonds due 2026 is BB with a recovery rating of 3, indicating an expectation of 50% to 70% in the event of default.
The outlook was revised to negative from stable.
The negative outlook reflects the risk that the company's merchant cash flows after 2012 might not be sufficient to pay debt service in some years if it does not replace the Exelon power purchase agreement with another agreement that provides sufficient revenue, the agency said.
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