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Capstone Infrastructure Corp Jun 11
Standard & Poors, June 2011
Abstract
The ratings on Capstone Infrastructure Corp. reflects what Standard & Poor's Ratings Services views as the company's stable revenue and cash flows from long-term power purchase agreements (PPAs) with provincial government agencies and investment-grade offtakers, as well as the track record of sustained high availability and operating performance of its generation assets. We believe that offsetting these strengths are modest asset and geographic diversity, medium-term recontracting risks for two of its material generating facilities, and our expectation that the company would increase debt in executing its growth strategy. Capstone operates a portfolio of seven electricity generating facilities in Canada with total installed net capacity of 316 megawatts (MW), generated 2.06 terawatt-hour (TWh) of electricity in 2010, and owns the 20...
Companies mentioned in this report are: Capstone Infrastructure Corp
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
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