S&P gives ContourGlobal notes BB-

Standard & Poor's said it assigned its BB- rating to ContourGlobal Power Holdings SA's $400 million senior secured notes due 2019.

The agency also assigned the notes a recovery rating of 2, indicating an expectation of substantial (70% to 90%) recovery in the event of a payment default.

In addition, S&P assigned its B+ corporate credit rating to ContourGlobal Power.

The corporate credit rating on ContourGlobal Power’s parent, ContourGlobal LP, was affirmed at B+.

The outlook on all ratings is stable.

"The ratings reflect our view of the portfolio's significant concentration risk as well as its projects' locations, many of which are in areas with political uncertainty," S&P credit analyst Ben Macdonald said in a news release. "The ratings are also impacted by the portfolio's reliance on substantial distributions from jurisdictions with considerable regulatory and operating uncertainties."

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