S&P affirms Windsor Financing

Standard & Poor's said it affirmed the BBB- rating on Windsor Financing LLC's $268.5 million senior bonds due 2017 and the BB rating on the $52 million subordinated notes due 2016.

S&P removed the ratings from CreditWatch with negative implications, where they were placed on May 14 following Cogentrix Energy Inc.'s (BB-/stable) announcement that it planned to sell its stake in 14 of 18 power plants, including the Spruance and Edgecombe facilities that make up Windsor Financing's assets.

The outlook is stable.

The affirmation follows CEI's sale of 80% of its equity interest to United States Power Fund III LP, a private equity fund managed by Energy Infrastructure Fund, while retaining a 20% interest in the assets. Under the new ownership structure, consent of both owners is required for all material actions, including filing for bankruptcy, declaring insolvency, issuing equity and entering into affiliate transactions, according to S&P.

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