S&P affirms Lea Power bonds

Standard & Poor's said it affirmed the BBB- rating on Lea Power Partners LLC's $305.4 million senior secured bonds due 2033.

At the same time, the agency said it placed the rating on CreditWatch with negative implications.

The company will use the proceeds from the issue for the development and construction of a 604-megawatt natural gas-fired combined-cycle power plant in Hobbs, N.M., S&P noted.

S&P added that the CreditWatch listing follows continued construction delays and the increased potential for additional fixed-cost obligations in the form of interest owed on any draws on the letter of credit that supports the PPA.

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