S&P: FirstLight Power loan on developing watch

Standard & Poor's said it placed FirstLight Power Resources Inc.'s. senior secured $550 million first-lien term loan, $65 million letter of credit facility and $70 million revolving facility (all rated BB-) on CreditWatch with developing implications, adding that it took the same action for the B- rated $170 million second-lien facility.

S&P said that the action follows publication of an agreement signed by Suez Energy NA, a U.S. subsidiary of GDF SUEZ SA (A/positive/A-1), to acquire FirstLight Power Enterprises, owner of FirstLight Power and FirstLight Hydro Generating Co. (BB-/Watch developing).

While the agency said it views the strong credit quality of the French parent company as potentially credit positive to the FirstLight portfolio, it expects the debt at the FirstLight entities to remain nonrecourse to GDF SUEZ, any change to the business profile could negatively impact the ratings.

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