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S&P rates Longview Power loan B+, ups debt to B+
Standard & Poor's said it assigned a B+ rating to Longview Power LLC's $660.2 million in senior secured first-lien credit facilities and raised the rating to B+ from B on $612.55 million in existing senior secured debt.
The existing debt rating also was removed from CreditWatch, where it was placed with positive implications in May.
The agency also said it assigned a 3 recovery rating to the facilities, indicating 50% to 70% expected recovery in a default.
The outlook is negative.
The negative outlook reflects a combination of higher interest rates on the term loans compared with those assumed at the time of the preliminary rating, S&P said.
More importantly, it reflects the substantially weakened outlook for merchant energy revenues and coal prices today, the agency said.
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