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Broad River South Point LLC's Senior Secured Term Loan Assigned Preliminary 'BB-' On Calpine Purchase Oct 10
Standard & Poors, Oct 2010
Abstract
SAN FRANCISCO (Standard & Poor's) Oct. 19, 2010--Standard & Poor's Ratings Services today assigned its preliminary 'BB-' rating to Broad River South Point LLC's ('BRSP') approximately $282 million senior secured term loan due July 2014. The recovery rating is '1'. indicating very high (90% to 100%) recovery of principal in the event of a default. The outlook is stable. This preliminary rating is subject to final structure and document review' The rating on BRSP reflects the following strengths: Lease payments, which are supported by a guaranty from Calpine and are not dependent on operational performance of the projects or commodity market conditions, provide cash flows for debt service; Cash sweep at 100% ensures that the full amount of the lease...
Companies mentioned in this report are: BRSP LLC,CIT Group Inc.,Calpine Corp.
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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