S&P rates Oregon Clean Energy loans BB-

S&P said it assigned final BB- ratings to Oregon Clean Energy LLC's $530 million senior secured term loan B and $50 million senior revolving credit facility.

S&P assigned a 2 recovery rating to the debt, which indicates an expectation of substantial recovery (70%-90%; rounded estimate: 85%) in a default.

The outlook is stable.

“The stable outlook reflects our expectation that OCE will pay down approximately $260 million of its term loan B through its cash flow sweep and mandatory amortization through 2026. We anticipate the debt service coverage ratio during the next 12 months will be about 2x, with a minimum of 1.63x over the project's useful life,” S&P said in a news release.

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