S&P cuts Astoria Generating

Standard & Poor's said it lowered the rating on Astoria Generating Co. Acquisitions LLC's $430 million ($141 million outstanding) first-lien term loan due 2013 and its $100 million first-lien working capital facility due 2012 to CCC+ from BB-.

The agency also lowered the $300 million ($300 million outstanding) second-lien term bank loan due 2013 to CCC- from B.

The CreditWatch implications are now developing, revised from negative.

The recovery rating of 1 on first-lien credit facilities is unchanged, indicating 90% to 100% recovery, and the recovery rating on the second-lien credit facility was revised to 5 from 3, for 10% to 30% recovery.

The CreditWatch with developing implication reflects the heightened uncertainty regarding future capacity prices in New York zone J and that the rating may change based on the ultimate outcome of the proceeding with the Federal Energy Regulatory Commission, which is expected after Aug. 3, S&P noted.

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