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S&P gives B+ to Invenergy loans
Standard & Poor's said it assigned its preliminary B+ rating to Invenergy Thermal Operating I LLC's roughly $537 million term loan B due 2022 and $70 million revolving credit facility due 2020.
The outlook is stable.
The agency also assigned its preliminary 2 recovery rating to the term loan and credit facility, indicating meaningful (70% to 90%; upper half of the band) recovery under a default scenario.
Invenergy is a limited-purpose entity that directly owns three gas-fired assets in Ontario, Illinois, and Texas, as well as owns a majority ownership in three gas-fired plants in Colorado, Minnesota and Florida.
"The operations phase business risk reflects the inherent operating risk associated with Invenergy's power plant assets, good level of diversity, moderate exposure to market risk, and relatively aggressive financial leverage," S&P credit analyst Aneesh Prabhu said in a news release.
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