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S&P lifts Orange Cogen
S&P said it upgraded Orange Cogen Funding Corp.'s $110 million senior secured bonds due 2022 to A- from BBB+ with a negative outlook.
The agency also said it removed this rating from CreditWatch, where it was placed with positive implications Jan. 4, 2017.
The upgrades are driven by the project's bank, Deutsche Bank Trust Co.Americas, whose rating was recently upgraded to A- from BBB+.
The rating on the project is weak-linked to Deutsche Bank because the replacement provision in the project agreement does not fully comply with the counterparty criteria, S&P said.
Orange Cogen Funding is a subsidiary of Orange Cogeneration LP, the owner of a 104 megawatt gas-fired cogeneration power plant in Florida that was placed into commercial operation in 1992, the agency said.
The negative outlook reflects the linkage to the project's bank, Deutsche Bank, because the replacement provision in the project agreement does not fully comply with the financial counterparty criteria, S&P said.
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