S&P cuts Green Country Energy, off watch

S&P said it downgraded Green Country Energy LLC’s rating to B from B+ to reflect the reduction in expected cash balances needed to meet the 2022 mandatory redemption of its notes after a forced seven-day outage. The recovery rating is unchanged at 1 (90-100%; rounded estimate 95%), indicating an expectation for very high recovery in a default.

The agency said it also removed the rating for the project’s $319 million senior secured notes from CreditWatch with negative implications.

The outlook is negative.

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