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FirstLight Power Resources Inc. Dec 09
Standard & Poors, December 2009
The rating on FirstLight Power Resources Inc.'s (FL Power) first-lien facilities is 'B+'. The facilities consist of a $550 million first-lien term loan ($434.5 million outstanding) and $65 million letter of credit (L0C) facility, both maturing in 2013, along with a $70 million working capital facility maturing in 2011. The recovery rating on the first-lien facilities is '2', indicating expectations of substantial recovery (70%-90%) in the event of a payment default. The outlook on the first-lien facilities is negative. The rating on FL Power's $170 million second-lien term loan to is 'CCC+', while the recovery rating is '6' (0%-10%). The outlook on the second-lien term loan is stable. FL Power is a wholly owned subsidiary of FirstLight Power Resources Holdings...
Companies mentioned in this report are: FirstLight Power Resources Inc.,FirstLight Hydro Generating Co.
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
FirstLight Power Resources Inc.,FirstLight Hydro Generating Co.