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Moody's cuts Sandy Creek
Moody's Investors Service said it downgraded the senior secured rating of Sandy Creek Energy Associates, LP to Caa2 from B3. Concurrent with the downgrade, the agency revised the rating outlook for SCEA to negative from stable.
The senior secured credit facilities are comprised of a $1.025 billion term loan due in November (about $809.6 outstanding at March 15), a $102 million letter of credit facility due November 2020 to backstop tax-exempt variable rate notes and a $75 million working capital facility due in November.
Sandy Creek owns about 64% of the Sandy Creek Energy Station, a 933 megawatt (MW) single unit, once-through super-critical cycle, pulverized coal-fired power generating facility in Riesel, Texas. Sandy Creek is a bankruptcy-remote entity owned by affiliates of LS Power.
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