Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Energy and Industrial Utilities Co. LLC > News item |
S&P rates Energy and Industrial notes B, loans BB
Standard & Poor's said it assigned a BB- issuer rating to Energy and Industrial Utilities Co. LLC, a BB issue rating with a recovery rating of 2 to the company's $375 million term loan B due 2014 and $50 revolving credit facility due 2012 and a B rating to its $275 million senior unsecured notes due 2017.
The outlook is stable.
Energy and Industrial Utilities is 100% owned by Energy and Industrial Utilities Holdings LLC, which will be equally owned by DTE Energy Services and CL Michigan Holdings LLC after the financing closes. Proceeds from the loans and notes will be distributed to DTE Energy Services, who will continue to operate and manage Energy and Industrial Utilities' plants through a set of arms-length agreements.
The agency said it expects near-term ratings stability due to expected cash flow certainty from the contracted nature of the revenue stream, with limited exposure to commodity price volatility.
© 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.