S&P lowers Green Country notes

S&P said it lowered the rating on Green Country Energy LLC’s $319 million of senior secured notes to CCC+ from B.

The agency said it revised its financial projections to account for increased maintenance spending.

“This results in a roughly $7.5 million shortfall, even after the debt service reserve – which we had previously forecast would have a narrow buffer of $620,000 – is exhausted.

“Since we do not assume in our base case the project will re-contract, we are now forecasting a default in February 2022, when the mandatory redemption is due,” S&P said in a press release.

The outlook is negative.

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