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East Coast Power LLC Feb 05 Product Image

East Coast Power LLC Feb 05

  • Published: February 2005
  • Standard & Poors

FEATURED COMPANIES

  • ConocoPhillips
  • Consolidated Edison Inc.
  • Enron Corp.
  • MORE

Abstract
East Coast Power LLC owns interests in two gas-fired, combined-cycle cogeneration facilities in Linden, N.J. with aggregate capacity of 940 MW. These are the 775 MW (average capacity) Linden 1-5 facility and the 165 MW Linden 6 facility. All East Coast Power revenue comes from the Linden projects. The 'BBB-' rating reflects the following risks: East Coast Power's high leverage potentially limits financial flexibility. The security package is fairly weak, as lenders do not have a secured interest in the Linden 1-5 assets. Distributions to East Coast Power from the Linden 1-5 units are subordinated to payments to a preferred limited partner up to a specified rate of return, and payments to service debt on a $250 million amortizing term...

Companies mentioned in this report are:
- Enron Corp.
- The Goldman Sachs Group Inc.
- Consolidated Edison Inc.
- ConocoPhillips

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit READ MORE >

- Enron Corp.
- The Goldman Sachs Group Inc.
- Consolidated Edison Inc.
- ConocoPhillips

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