S&P rates Poseidon bonds BBB-

Standard & Poor's said it assigned a proposed BBB- rating to Poseidon Resources (Channelside) LLC's $521.1 million of proposed senior secured bonds.

The outlook is stable.

The proceeds will be used for the construction and operations of a water desalination facility.

The agency said the stable outlook reflects its expectations that the project will complete construction on or around the target COD with schedule and/or cost overruns that the current budget can absorb without requiring additional funding.

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