Fitch affirms Coleto Creek Power

Fitch Ratings said it affirmed the BB and BB- ratings on Coleto Creek Power, LP's $240 million secured first-lien term loan due 2011 and $150 million secured second-lien term loan due 2012, respectively.

The affirmation reflects Coleto's actual financial performance and considers the recent announcement by Coleto's owners that the project will be sold to International Power plc, the agency said.

Fitch added it believes that Coleto's credit quality is not affected by the announced sale.

Independent of the sale, Fitch said it views the current outstanding principal balance of the loans as consistent with the sponsors' original projections, taking into account Coleto's financial performance and the prefunding of certain capital improvements.

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