S&P cuts Topaz Power recovery

Standard & Poor's said it changed its recovery rating on Topaz Power Holdings LLC to 2 from 1. The 2 rating indicates an expectation of 70% to 90% recovery in the event of default.

The issue-level rating on the senior secured facilities is BB-. The credit facilities consist of a $615 million 61/2-year construction term facility due 2014, a $75 million five-year revolver and letter of credit facility due 2013, and a $50 million construction letter of credit facility due May 31, 2010.

The outlook is stable.

The revision is a result of decreases in forecast electricity prices in the Ercot South region, where the Topaz plants operate, S&P said.

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