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S&P lowers Longview Power
S&P said it lowered its senior secured rating on Longview Power LLC to CCC- from CCC.
“U.S. merchant power project Longview Power LLC's liquidity remains very weak, such that, absent an unforeseen event, the project is likely to default within six months,” the agency said in a news release.
The 4 recovery rating is unchanged, indicating an expectation for average recovery in case of default (30%-50%; rounded estimate: 30%).
“The CCC- rating reflects our view that lower-than-expected power prices in the Pennsylvania-Jersey-Maryland (PJM) Interconnection in recent months will leave the project with insufficient liquidity to repay its outstanding revolver balance when it comes due in April 2020,” S&P added.
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