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S&P lifts TPF II Power loan
Standard & Poor's said it raised the rating on TPF II Power LLC's $1.6 billion senior secured first-lien term loan due 2021 and $90 million revolving credit facility due 2019 to BB from BB-.
The outlook is stable.
The recovery rating on this debt remains at 2, indicating 70% to 90% expected default recovery.
TPF II Covert Midco LLC is co-issuer with TPF II and is a joint and several obligor, S&P said.
The project earns most cash flow from capacity market payments, but also a significant share of cash flow from selling energy into regional power markets, the agency said.
The project was recently sold to Arclight Energy Partners Fund VI LP.
The stable outlook reflects TPF II's reliance on predictable capacity payments for most of its cash flow over the next few years, S&P said.
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