Wind Power Project Max Two Ltd. Senior Secured Notes Cut To 'BB-' On Deteriorated Performance; Outlook Negative

Standard & Poors, May 2009

Abstract
FRANKFURT (Standard & Poor's) May 14, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term debt rating on the ?100 million senior secured notes due 2024 issued by Max Two Ltd. (MTL) to 'BB-' from 'BB+'. At the same time, the rating was removed from CreditWatch, where it was placed with negative implications on Jan. 20, 2009. The outlook is negative. MTL is a special-purpose vehicle that raised funds for the Breeze One wind power financing transaction. "The downgrade reflects our views of the deteriorating performance of the wind farms compared with our original expectations," said Standard & Poor's credit analyst Timon Binder. "Since 2005, certain German wind farms have sustained reduced wind volumes, reduced turbine availabilities

Article Type:NEWS,RATING_ACTION
Companies mentioned in this report are: Max Two Ltd.
Action: Downgraded
Action: Outlook: Negative

Max Two Ltd.

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