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S&P rates Sandy Creek loan BB-
Standard & Poor's said it assigned its preliminary BB- rating and 2 recovery rating to Sandy Creek Energy Associates LP's $1 billion first-lien senior secured credit facilities.
A $200 million senior secured term loan at holding company Sandy Creek Holdings LLC is unrated, the agency said, noting that loan proceeds will be used to build the Sandy Creek Energy Station, a nominal 900 MW coal-fired power generation plant in Riesel, Texas.
The outlook is stable.
The preliminary rating assumes that SCEA meets S&P's criteria for special-purpose entities, including the provision of an independent director and a non-consolidation opinion, the agency noted.
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