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East Coast Power LLC Feb 05 Product Image

East Coast Power LLC Feb 05

  • ID: 1783298
  • 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 rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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

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