S&P downgrades Invenergy

S&P said it lowered the $340 million term loan B and $70 million working capital facility rating to B from B+ on Invenergy Thermal Operating I LLC.

The outlook is stable.

The agency also said it revised the recovery rating on this debt to 2, indicating 70% to 90% expected default recovery, from 1.

The downgrade reflects a view of lower-than-expected performance at the portfolio's two merchant plants, Nelson and Ector, which is expected to persist in the near- to medium-term, S&P said.

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