S&P affirms Lea Power

S&P said it affirmed its BBB- issue rating on the senior secured debt issued by Lea Power Partners LLC.

The outlook is stable.

The agency said it updated its capacity factor forecast to 67% in October, based on lower dispatch in 2016 and fiscal 2017 to date.

“This resulted in a reduction to our minimum forecast debt service coverage to 1.32x versus our prior minimum of 1.34x,” S&P said in a news release.

"Based on this change we lowered our preliminary stand-alone credit profile by one notch but also added a notch to the operations SACP based on our comparative ratings analysis, resulting in no change to the issue rating," S&P credit analyst Tony Bettinelli added.

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