S&P drops Longview Power loan rating

S&P said it cut the rating on Longview Power LLC’s senior secured term loan B facility to CCC from CCC+ and lowered the recovery rating to 4 from 3. The recovery rating of 4 denotes an expected recovery in case of default of 30%-50% range (rounded estimate: 30%).

S&P attributed the downgrade to weakening liquidity that, “absent an improvement in business and financial conditions, the project could default when its revolving credit facility matures in April 2020,” the agency said in a press release.

The outlook is negative.

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