Moody's rates GC Power loans Ba2, notes Ba3

Moody's Investors Service said it assigned a Ba2 rating to GC Power Acquisition LLC's proposed $1.375 million of first-priority senior secured credit facilities, both maturing in 2011. Moody's also assigned a Ba2 senior secured rating to GC Power's $325 million revolving credit facility, $200 million letter of credit facility and $300 million Special LC facility, all of which mature in 2009.

In addition, Moody's assigned a Ba3 senior secured rating to GC Power's planned $1.375 million second priority senior secured notes maturing in 2014. Moody's also assigned a senior implied rating of Ba3, an issuer rating of B1 and a speculative grade liquidity rating of SGL-2. The outlook is stable.

Moody's said the rating of the debt incorporates the strong collateral position for this debt, which is secured by substantially all properties and assets of GC Power and its subsidiary guarantors.

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