Summary: Topaz Power Holdings LLC Oct 10
Standard & Poors, October 2010
Abstract
Standard & Poor's Ratings Services' rating on Austin, Texas-based Topaz Power Holdings LLC's $740 million senior secured facilities is 'BB-', and the recovery rating is '2'. The credit facilities, issued in May 2008, consist of a $615 million construction term facility (which includes $25 million of construction contingency and $4 million of mandatory prepayment in 2008) due Dec. 31, 2014, and a $45 million revolving facility that will expire May 9, 2013. In July 2010 the project released the $30 million portion of its $75 million revolving facility that was available solely for letters of credit, leaving $45 million available for working capital. A $50 million construction letter of credit expired in May 2010. The outlook is stable. Topaz Power...
Companies mentioned in this report are: Topaz Power Holdings LLC,Morgan Stanley
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.
Topaz Power Holdings LLC,Morgan Stanley
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