S&P: Paiton pressured

Standard & Poor's said that PT Paiton Energy's proposed 800 MW capacity expansion would likely place downward pressure on the B rating on the $180 million senior secured bond issued by Paiton Energy Funding BV, which is guaranteed by Paiton.

The agency said that this rating factors in the possibility of a significant increase in borrowings, accompanied by a higher level of project completion and construction risks.

S&P said it understands from Paiton that, while some progress has been made, discussions are yet to translate into a committed investment plan.

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