Summary: Sithe/Independence Funding Corp. Aug 09

Standard & Poors, August 2009

Abstract
The rating on Sithe/Independence Funding Corp.'s $559.5 million senior secured bonds ($344.3 million outstanding currently) is 'B'. The outlook is stable. Sithe/Independence is a 1,000 MW combined-cycle, gas-turbine plant in Scriba, N.Y. The rating on Sithe/Independence's bonds reflects parent Dynegy Inc.'s (B/Negative/B-2) credit risk due to Dynegy's 100% ownership of the project and the tolling agreements it has for almost the entire output of the project. There are no structural provisions at Sithe/Independence that render Dynegy bankruptcy remote from Dynegy. The Sithe/Independence plant has an unforced-capacity sales agreement with Consolidated Edison Co. of New York Inc. (Con Edison; A-/Stable/A-2) for about 740 MW of its unforced capacity. Con Edison has no rights to energy from the project. Dynegy has access...

Companies mentioned in this report are:
- Consolidated Edison Co. of New York Inc.
- General Electric Co.
- Niagara Mohawk Power Corp.
- Rio Tinto Alcan Inc.
- Dynegy Holdings LLC
- Dynegy Inc.

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Consolidated Edison Co. of New York Inc.
- General Electric Co.
- Niagara Mohawk Power Corp.
- Rio Tinto Alcan Inc.
- Dynegy Holdings LLC
- Dynegy Inc.

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