Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Astoria Generating Co. Acquisitions, LLC > News item |
S&P puts Astoria on CreditWatch developing
Standard & Poor's said the CCC+ ratings on Astoria Generating Co. Acquisitions LLC's $430 million first-lien term loan due 2013 and its $100 million first-lien working capital facility due 2012 remain on CreditWatch with developing implications.
The CCC- rating on the $300 million second-lien term bank loan due 2013 also remains on CreditWatch with developing implications.
The recovery rating of 1 on the first-lien credit facilities is unchanged, indicating 90% to 100% expected recovery in a default.
The recovery rating of 5 on the second-lien credit facility is unchanged, indicating 10% to 30% expected recovery in a default.
If Astoria Energy II LLC continues to fully participate in the capacity, the winter capacity prices starting in November 2011 are expected to be at zero, S&P said.
In the near term, the agency said it thinks that if these lower prices continue, the company's cash flow will likely be insufficient to cover operating expenses, including capital maintenance.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.