- Language: English
- Published: July 2012
Wind Power Project Max Two Ltd. 'BBB-' Debt Rating On Watch Negative On Structural Weaknesses
- Published: June 2008
- Standard & Poors
FRANKFURT (Standard & Poor's) June 18, 2008--Standard & Poor's Ratings Services said today it placed its 'BBB-' long-term debt rating on the ?100 million senior secured notes due 2024 issued by Max Two Ltd. (MTL) on CreditWatch with negative implications. MTL is a special-purpose vehicle acting as issuer to raise funds for the Breeze One transaction, which finances and refinances eight European wind farms in Germany and Portugal. "The CreditWatch placement reflects a combination of structural weaknesses compared with rated peers and a lack of visibility regarding the project's medium- to long-term financial profile," said Standard & Poor's credit analyst Ralf Etzelmueller. Although 2007 was an average wind year, debt service cover ratios (DSCR) for two wind farms were below
Companies mentioned in this report are: Max Two Ltd.
Action: On CreditWatch:Negative
Max Two Ltd.
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