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S&P puts Terra-Gen on watch
Standard & Poor's said it placed its BB- corporate credit rating on Terra-Gen Finance Co. LLC on CreditWatch with negative implications.
S&P also placed its BB rating on TG Finance's $250 million secured term loan due 2017 and secured $60 million working capital facility due 2016 on CreditWatch with negative implications. The recovery rating on the term loan and working capital facility is 2, reflecting S&P's anticipation of substantial (70% to 90%) recovery of principal if a payment default occurs.
S&P said the CreditWatch listing reflects the agency's view that the credit metrics have fallen below levels that support the current rating. This deterioration stems from an error in S&P's original analysis and significant reductions in short-run avoided costs that dictate project payments under four of the power purchase agreements at TG Finance's portfolio of nine power projects.
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