Research Update: FirstLight Hydro Generating's Rating Affirmed At 'BB-'; Outlook Stable
Standard & Poors, May 2011
Abstract
We are affirming our 'BB-' rating on U.S. power generator FirstLight Hydro Generating Co.'s first mortgage bonds The outlook is stable. On May 13, 2011, Standard & Poor's Rating Services affirmed its 'BB-' rating on FirstLight Hydro Generating Co.'s $320 million senior secured first mortgage bonds. The recovery rating on the first mortgage bonds remains '1' indicating our expectations of a very high (90% to 100%) recovery if a payment default occurs. The outlook on the bonds is stable. Simultaneously we lowered our rating on FirstLight Power Resources Inc.'s (FL Power) first lien facilities. (to 'B' from 'B+' and revised the recovery rating to '3' from '2'. The '3' rating indicates expectations of an average (50% to 70%) recovery of...
Companies mentioned in this report are: FirstLight Hydro Generating Co.
Action: Affirmed
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
FirstLight Hydro Generating Co.
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