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First Wind Capital Assigned Prelim. ?B-? Issuer Rating; $200 Mil. Notes Rated Prelim. ?B+?; On Watch Negative May 11 Product Image

First Wind Capital Assigned Prelim. ?B-? Issuer Rating; $200 Mil. Notes Rated Prelim. ?B+?; On Watch Negative May 11

  • Published: May 2011
  • Standard & Poors

Abstract
U.S wind power company First Wind Capital LLC (FW Capital) is proposing to issue $200 million in senior secured notes due 2016. We assess FW Capital's quality of cash flows as "somewhat uncertain" and, we view the financial structure as highly leveraged. We are assigning our 'B-' preliminary long-term corporate credit rating to FW Capital and our 'B+' preliminary issue rating to its proposed $200 million senior secured notes. Our preliminary recovery rating on these notes is '1'. The CreditWatch negative implications reflect the possibility of a rating downgrade if the agreement entered into between FW Capital and a joint venture of power utilities Emera and Algonquin--by which the latter would acquire 49% of FW Capital's existing northeastern U.S. wind...

Companies mentioned in this report are: First Wind Capital LLC
Action: New Rating

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 READ MORE >

First Wind Capital LLC

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