S&P affirms, suspends Max Two

Standard & Poor's said it affirmed its B- long-term issue rating on the €100 million senior secured amortizing notes due 2024 issued by Max Two Ltd. At the same time, S&P said it removed the rating from CreditWatch with negative implications, where it was placed on March 21, 2011.

S&P said it subsequently suspended the B- long-term issue rating on the senior secured notes, due to a lack of critical information. At the time of the suspension, the outlook on the notes was negative.

The affirmation reflects S&P's view that Max Two's recent operating and financial performance is in line with its expectations for the B- rating, the agency said. In particular, S&P said it understands that, to date, all of the 2011 scheduled debt service payments from the wind farms to Max Two and all debt service from Max Two to the noteholders have been met in full without recourse to the respective debt service reserve accounts.

The agency said it is suspending the rating because it lacks information of sufficient quality to maintain surveillance on the notes.

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