S&P lowers Wolf Hollow loans

Standard & Poor's said it lowered its rating on Wolf Hollow I LP's $260 million senior secured bank facility and $30 million working capital facility to B from B+.

The $260 million senior secured bank debt consists of a $156 million senior secured term loan, a $104 million synthetic letter of credit, and a $30 million working capital revolver, the agency noted.

At the same time, the agency said it lowered the rating on the $110 million second-lien senior secured term loan maturing in Dec. 2012 to CCC+ from B- while the recovery ratings of 1 on the second-lien facilities remain unchanged.

The outlook remains negative.

"The ratings action and continued negative outlook follow sustained operational and financial difficulties for Wolf Hollow resulting from multiple maintenance outages in each of the first three quarters of 2008," said S&P credit analyst Justin Martin.

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