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Fitch to rate Kleen Energy loans BBB-
Fitch Ratings said it expects to assign BBB- ratings to Kleen Energy Systems, LLC's proposed issuance of a $450 million term loan A and a $315 million term loan B.
The outlook is stable.
Proceeds will be used to finance the construction of a generating facility near Middletown, Conn.
Expected ratings are based on Kleen's financial performance during the term of the tolling agreement between 2010 and 2017, the agency said.
The company's strengths include fixed-price capacity and tolling agreements with investment-grade counterparties, the agency said, as well as proven, reliable technology.
Concerns include partial exposure to completion risks and the capacity agreement including a price reopener provision, Fitch said.
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