S&P cuts Longview Power loans

Standard & Poor's said it lowered its issue rating on Longview Power LLC's $1,175,000,000 senior secured facilities maturing in 2014 and 2017 to B- from B+.

The 3 recovery rating is unchanged.

The outlook is negative.

"The downgrade stems from lower power prices and lower-than-expected coal sales that will impair financial performance and increase refinance risk," S&P credit analyst Terry Pratt said in a news release.

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