FirstLight Power Resources Inc. Nov 08
Standard & Poors, November 2008
Abstract
On Nov. 24, 2008, Standard & Poor's Ratings Services lowered its rating on FirstLight Power Resources Inc.'s (FL Power) first-lien facilities to 'B+' from 'BB-'. The facilities consist of a $550 million first-lien term loan ($504 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. We simultaneously revised the recovery ratings on all first-lien facilities to '2' from '1' indicating revised expectations of substantial recovery (70%-90%) in the event of a payment default. At the same time, we lowered the rating on FL Power's $170 million second-lien term loan to 'CCC+' from 'B-', while revising the recovery rating to '6' (0%-10%). We removed the...
Companies mentioned in this report are: FirstLight Power Resources Inc.,FirstLight Hydro Generating Co.
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
FirstLight Power Resources Inc.,FirstLight Hydro Generating Co.
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