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S&P: Sithe/Independence bonds on watch
Standard & Poor's said it placed its BBB- rating on Sithe/Independence Funding Corp.'s $559.5 million senior secured bonds on CreditWatch negative after Dynegy Inc. (B/negative/--) announced its intent to purchase 100% ownership of Sithe Energies Inc. from Exelon Corp. Sithe Energies is the 100% owner of Sithe/Independence.
If the proposed transaction is consummated, S&P said the rating on the project debt will be limited to BB due to parental rating constraint.
S&P said the current BBB- rating largely depends on the contracts the project has with Con Edison and Dynegy.
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