S&P affirms FirstLight Power loans

Standard & Poor's said it affirmed its BB- rating on FirstLight Power Resources Inc.'s $695 million senior secured facilities consisting of a $550 million first-lien term loan, a $70 million revolving credit facility and a $65 million letter of credit facility.

The agency said it also affirmed the B- rating on the $170 million second-lien term loan.

At the same time, S&P said it revised the outlook on all facilities to negative from stable while the recovery ratings for both ratings remain unchanged, at 1 and 5 respectively.

The outlook revision reflects a financial performance in the first three quarters 2007 that was significantly below pro forma expectations, EBITDA of $95 million compared with expected EBITDA of $124 million, due to low regulation revenues and unfavorable weather conditions affecting run-of-river hydro facilities and energy spreads for the Northfield Mountain pumped storage facility, S&P noted.

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