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S&P: Bicent off watch
Standard & Poor's said it removed its BB- issue-level rating on Bicent Power LLC's first-lien loans and its B- rating on the company's second-lien loans from CreditWatch with negative implications, where it was placed July 24.
The outlook is stable.
The agency said that the first-lien term loan has a 2 recovery rating, indicating the expectation for substantial recovery of principal if a payment default occurs, and the second-lien term loan has a 6 recovery rating, indicating the expectation for negligible recovery.
S&P noted that the CreditWatch listing was largely a reflection of the operational issues at the Hardin coal burning facility, which is the source for more than 50% of the company's contracted cash flows available for servicing debt. Equipment failures led to a forced outage in December of 2007.
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