S&P gives Topaz Power loan BB-

Standard & Poor's said it assigned its preliminary BB- credit rating to Topaz Power Holdings LLC's proposed $740 million senior secured facilities.

The credit facilities consist of a $615 million construction term facility due 2014, a $75 million revolver and letter of credit due 2013 and a $50 million construction letter of credit due 2010, the agency said, adding that an additional facility may be a $100 million letter of credit that would be solely available for right-way-risk hedges.

The outlook is stable.

The agency said that it also assigned a recovery rating of 1 to the senior secured credit facilities, indicating its expectation of a very high recovery of principal in the event of payment default.

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