S&P rates Cordova bonds recovery 1

Standard and Poor's said that it assigned its 1 recovery rating to Cordova Funding Corp.'s $225 million senior secured bonds due 2019; the rating on the bonds is BB.

The outlook is stable.

"The 1 recovery rating for the project indicates its expectation of very high recovery (90% to 100%) of principal in the event of a default," said S&P credit analyst Terrence Marshall.

"Our simulated default scenario assumes a downturn in the operational performance of the project coupled with increased capital and operations and maintenance expenditures."

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