S&P rates Cedar Bay loan BB

Standard & Poor's said it assigned its BB rating to Cedar Bay Generating Company LP's $250 million senior secured first-lien term loan B facility due 2020.

The outlook is stable.

The recovery rating on the loan is 1, indicating the expectation of very high (90% to 100%) recovery if a payment default occurs.

The bonds are backed by revenue from Cedar Bay's circulating fluidized bed coal-powered generation facility, which has been in operation since 1994.

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