S&P affirms Mackinaw bonds

Standard & Poor's said it affirmed its BBB- rating on Mackinaw Power LLC's $277.2 million of senior secured bonds maturing 2023 and its BB- rating on Mackinaw Power Holdings LLC's $147 million senior secured term loan due 2015.

The agency said that the recovery rating on the term loan is 2, indicating the expectation for substantial recovery of principal if a payment default occurs.

The outlook is stable.

According to S&P, proceeds from the issue were used to purchase five contracted natural gas-fired electricity generation assets from Progress Ventures Inc. and Progress Genco Ventures LLC, subsidiaries of Progress Energy Inc.

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