S&P assigns TPF loans B+, B-

Standard & Poor's said it assigned its preliminary B+ and 1 recovery rating ratings to TPF Generation Holdings LLC's first-lien $850 million senior secured term loan due 2013, $250 million senior secured synthetic LOC facility due 2013 and $50 million senior secured synthetic revolver due 2011.

S&P said it also assigned its preliminary B- and 5 recovery rating to the company's $495 million second-lien credit facility due 2014.

The outlook is stable.

S&P said that the ratings on the loans reflect refinancing risk as TPF Generation is expected to have $334/kW of consolidated debt at maturity of the first-lien debt under the gas price stress and $218/kW under the management base case.

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