S&P lowers Windsor Financing

Standard & Poor's said it lowered the rating on Windsor Financing LLC's $268.5 million amortizing 5.881% senior secured bonds due Jan. 15, 2017 to B from B+.

The agency also said it lowered the rating on the project's $52 million 6.927% subordinated secured notes due Jan. 15, 2016 to CCC from CCC+.

The downgrades reflect the cancellation of a proposed refinancing and a forecast that senior-lien debt service coverage will remain low through debt maturity, S&P said.

The outlook was revised on both tranches of debt to negative from positive to reflect the low coverage, the agency said.

S&P also said it revised the recovery rating on the senior bonds to 1 from 3 and on the subordinate bonds to 1 from 6, indicating 90% to 100% expected recovery in a default.

The increased recovery scores reflect the project entering into new power purchase agreements that will begin after the current PPAs expire, the agency said.

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