S&P lowers Southeast PowerGen

S&P said it lowered the rating on Southeast PowerGen LLC to B from B+.

The outlook is negative.

The recovery rating on this debt is 3, indicating 50% expected default recovery.

The company's financial performance in 2017 worsened, prompting a revision to a base case forecast, S&P said.

The agency said it believes weaker market conditions will persist, keeping energy margins lower and reducing the capacity re-contracting assumptions.

Expenses also have been higher than forecasted, S&P said.

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