S&P cuts Brooklyn Navy Yard

Standard & Poor's said it lowered the rating on Brooklyn Navy Yard Cogeneration Partners LP's senior debt to B from B+.

The outlook is stable.

The downgrade and stable outlook reflect a forecast that coverage of annual debt service will remain about 1x between 2011 and 2016, S&P said.

Coverage could decline significantly beginning in 2017 when scheduled annual debt service increases, the agency said.

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