S&P affirms Green Country

Standard & Poor's said it affirmed the BBB- rating on Green Country Energy LLC's $319 million senior secured notes and removed the rating from CreditWatch with negative implications, where it was placed on Aug. 20.

The outlook is stable.

S&P said the review reflected a potential weakening of the project's structure from the proposed sale of the project to J-Power USA Generation LP, not any operating or financial problems at the project.

The agency said it reviewed ring-fencing measures at Green Country Holding LLC that would help mitigate the project's credit exposure to J-Power, which is now the sole owner and ultimate parent. As a result of the ring-fencing, the companies are bankruptcy remote from J-Power, the agency said.

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