S&P: Sapphire Power facilities B+

Standard & Poor's said it assigned its preliminary B+ project rating to Sapphire Power Finance LLC's $380 million senior secured facilities, consisting of a $350 million term loan B due in June 2020 and a $30 million working capital facility due in June 2018.

The preliminary recovery rating is 2.

The outlook is stable.

S&P said the rating reflects a business risk that involves cash flow exposure to merchant power markets in the Northeast United States, with eight natural gas-fired generation plants totaling 794 megawatts - seven of which are combined cycle gas turbine that are aged, having begun operations between 1988 and 1993.

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