S&P puts Parkway Generation on watch

S&P said it placed Parkway Generation LLC’s BB senior secured debt rating on CreditWatch with negative implications.

Parkway suffered forced plant outages and limits on gas purchases because of a winter storm from Dec. 23 to Dec. 26. “Therefore, the PJM Interconnection (PJM) will likely impose penalties on Parkway. The final amount is expected to be determined within the next three months,” the agency said in a statement.

S&P warned the negative watch indicates the possibility of a downgrade within 90 days after PJM determines the exact amount of the penalty and it considers its effect on Parkway's cash flow sweeps.

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