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Moody's affirms Wolf Hollow
Moody's Investors Service said it affirmed Wolf Hollow I LP's first-lien senior secured rating at B1 and its second-lien senior secured rating at B2.
The ratings remain on review for possible downgrade.
The agency said that in affirming the ratings, it recognizes the strong fundamentals of the project given its location in the Ercot north power market, which has increasingly favorable supply demand characteristics for combined cycle power generation plants. The ratings also recognize, among other things, the long-term power purchase agreements with Exelon Generation Co., the shorter-term hedge with J. Aron & Co., offtake contracts providing for a pass-through of fuel costs and a traditional project finance structure
including a cash flow waterfall funding mechanism.
The ratings remain under review in view of Moody's expectation that the project's financial performance and credit metrics relative to the financial covenants under its bank credit facilities will remain weak at least through the first half of 2008.
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