S&P: Lea Power on watch

Standard & Poor's said it placed the BBB- rating on Lea Power Partners LLC's $305.4 million senior secured bonds on CreditWatch with negative implications.

This action follows news that Hobbs Power Funding LLC, which owns Lea Power Partners, will be sold to FREIF North American Power I, S&P said. A controlling interest in that entity will be held indirectly by First Reserve Corp., the agency said.

The outlook is negative, reflecting weaker-than-expected financial performance given higher-than-expected operating and maintenance expenses, S&P said.

The pending sale is the primary driver of the CreditWatch action, the agency said.

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