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Fitch: Kleen Energy on watch
Fitch Ratings said it maintained the Rating Watch negative on the BBB- ratings assigned to Kleen Energy Systems, LLC's $435 million term loan A due 2018 and $295 million term loan B due 2024.
Fitch said it initially placed the ratings on Rating Watch negative following the February 2010 explosion at the Kleen facility, and the watch was maintained following a review in November.
Kleen's credit quality is not constrained by financial performance during the post-2017 merchant period, primarily due to a lower debt service burden, the agency said.
The company's credit quality could be enhanced if it maintains its projected financial profile beyond the tolling period with Constellation Energy Commodities Group, Inc., Fitch said.
The negative rating watch reflects the possibility that additional delays may occur prior to completion, allowing for the potential termination of the tolling agreement, the agency added.
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