S&P rates Lightstone loans BB-

S&P said it assigned a BB- rating to Lightstone HoldCo's $1.575 billion term loan B, $150 million term loan C and $100 million revolver.

The outlook is stable.

The recovery rating is 1, indicating 90% to 100% expected default recovery.

The ratings are based on significant market exposure due to an ongoing weak power pricing environment, S&P said.

The ratings are partially offset by participation in a robust capacity market and strong operations, the agency said.

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