FPL Energy Wind Funding LLC Jul 10

Standard & Poors, July 2010

Abstract
Standard & Poor's Ratings Services rating on FPL Energy Wind Funding LLC's (Wind Funding) $125 million senior secured amortizing bonds, due 2017, is 'B+'. The outlook is negative. Wind Funding repays debt from distributions it receives from FPL Energy American Wind LLC's project financing, which generates cash flow from a portfolio of seven U.S. wind projects that total 697 megawatts (MW). These projects earn revenue from long-term offtaker contracts with utilities and from the monetized value of federal renewable energy production tax credits. American Wind pays debt once a year. Debt service coverage ratios (DSCRs) have fallen in recent years to 1.31x in 2010 and 1.41x in 2009 from 1.62x in 2008. These figures are lower than our rated base...

Companies mentioned in this report are:
- FPL Energy Wind Funding LLC
- Florida Power & Light Co.
- NextEra Energy Capital Holdings Inc.
- NextEra Energy Inc.
- FPL Energy American Wind LLC
- FPL Group Capital Trust I
- FPL Energy National Wind Portfolio LLC
- FPL Energy National Wind LLC

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

- FPL Energy Wind Funding LLC
- Florida Power & Light Co.
- NextEra Energy Capital Holdings Inc.
- NextEra Energy Inc.
- FPL Energy American Wind LLC
- FPL Group Capital Trust I
- FPL Energy National Wind Portfolio LLC
- FPL Energy National Wind LLC

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