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S&P: Boston Gen on watch
Standard & Poor's said it placed its CCC+ ratings on Boston Generating LLC's $1.13 billion first-lien term bank loan, $250 million first-lien letter of credit and the $70 million first-lien revolver, all due in 2013, on Creditwatch with negative implications.
The recovery rating is 3, S&P noted.
S&P said it also placed the CC rating on the $350 million second-lien term bank loan due 2014 on Creditwatch with negative implications. The recovery rating on that loan is 6.
According to the agency, Boston Gen is a subsidiary of US Power Generating Co.
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