S&P lowers Windsor Financing

Standard & Poor’s said it lowered the project issue rating on Windsor Financing LLC to BB from BB+ with its recovery rating unchanged at 1.

The outlook is stable.

The company’s project benefits from substantial capacity payments under the power purchase agreements with public utility, Virginia Electric & Power Co. (Vepco), S&P said.

These agreements expire in 2015 and 2017 and, until those dates, provide the vast majority of cash flow necessary to service debt, the agency said.

The downgrade reflects weaker-than-expected performance throughout 2014, which has caused a more risky view of the next two years, S&P said.

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