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S&P lowers Lonestar II
S&P said it lowered Lonestar II Generation Holdings LLC’s senior secured term loan to B from B+. The recovery rating remains 2, indicating expectations of meaningful (70%-80%, rounded estimate: 70%) recovery in default.
The downgrade reflects the ongoing low power price environment in the Electric Reliability Council of Texas market, the agency said.
“We now expect the project to sweep less cash than we previously forecast, resulting in refinancing risk for the term loan B at maturity. We forecast a minimum debt service coverage ratio (DSCR) of 1.9x during the term loan tenor in December 2023,” S&P said in a press release.
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