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S&P ups Kestrel Acquisition
S&P said it raised its rating on Kestrel Acquisition LLC’s, the owner of the Hunterstown power plant in Pennsylvania, senior secured debt to BB from BB- given the reduction in forward-looking leverage, which supports higher debt service coverage ratios (DSCRs).
The recovery rating of 1 on the $450 million senior secured term loan B and $40 million revolving credit facility remains unchanged, indicating an expectation for very high recovery for lenders (90%-100%; rounded estimate: 95%) in a default.
Kestrel has upsized its term loan B by $50 million, which is “significantly less than” the $150 million upsizing that S&P had expected.
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