S&P cuts EIF Calypso

Standard & Poor's said it lowered the rating on EIF Calypso LLC's $800 million in senior secured facilities to B+ from BB. The facilities consist of a $150 million letter of credit, a two-tranche term loan of $260 million, consisting of a tranche A amortizing and maturing 2014, $174 million outstanding and a $390 million tranche B maturing 2019 and $335.3 million outstanding. The recovery rating on the facilities remains at 2, indicating an expectation of 70% to 90% recovery in a default.

The ratings reflect lower expected cash distributions from assets within Calypso Energy Holdings LLC, of which EIF Calypso owns 80%, S&P said.

The outlook also reflects a concern that management visibility into expected asset performance is limited though 2011, the agency said.

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