S&P affirms Longview Power

S&P said it affirmed its CCC rating on Longview Power LLC's senior secured debt.

The outlook is negative.

The recovery rating on the debt remains 3, indicating expectations for meaningful (50%-70%; rounded estimate: 50%) recovery if a default occurs.

The affirmation stems from the project's better-than-expected performance in the fourth quarter of 2017 and the first quarter of 2018, largely driven by unseasonably cold weather, the agency said.

“We believe that the project will continue to generate low yet positive cash flows, stemming from stable forward energy curves as well as cheaper procurement of coal,” S&P said in a news release.

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