S&P cuts Homer City

Standard & Poor's said it lowered its rating on Homer City Funding LLC's senior secured notes due 2019 and 2026 to CC from CCC.

The agency said it also removed the rating from CreditWatch with negative implications, where it was placed on Feb. 29. The 1 recovery rating is unchanged.

The outlook is negative.

S&P said the downgrade reflects the heightened prospect of a bankruptcy or distressed debt exchange, which the agency would consider equivalent to a default.

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