S&P cuts Redbank Project loans

Standard & Poor's said it lowered its ratings on Redbank Project Pty Ltd.'s A$261.5 million bank loans to BB from BB+.

At the same time, the agency said it lowered its underlying ratings on A$170 million of bonds issued by RB Pass Through Pty Ltd., a debt-repackaging vehicle for Redbank's senior debt, to BB from BB+.

The outlooks were placed on CreditWatch with negative implications.

S&P added that the rating actions reflect ongoing adverse technical issues at Redbank's power plant, highlighted by the recent failure of the company's solitary turbine, which is expected to keep the power plant off line for nine weeks.

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