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Fitch affirms Kleen Energy
Fitch said it affirmed at BB ratings for Kleen Energy Systems, LLC's $435 million ($108.1 million outstanding) term loan A due 2018 and $295 million ($250.9 million outstanding) term loan B due 2024.
The outlook is stable.
The ratings reflect Kleen's stable base of capacity payments under a long-term contract with a strong, investment-grade offtaker and the facility's uncertain competitiveness in a merchant environment, Fitch said in a news release.
The reduced debt service burden after 2017 should substantially mitigate operating risks, though the level of financial cushion will depend upon Kleen's profitability as a merchant generator, the agency said.
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