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S&P lowers Orange Cogen
S&P said it lowered the rating on Orange Cogen Funding Corp.'s $110 million senior secured bonds due 2022 to BBB+ from A-.
The outlook is stable.
The downgrades reflect the ratings on the project's bank, Deutsche Bank Trust Co. Americas, on June 1, S&P said.
The rating on the project is weak-linked to that on the bank because the replacement provision in the project agreement does not fully comply with a financial counterparty criteria, the agency said.
The stable outlook reflects the link to the project's bank, Deutsche Bank
Trust.
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