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Research Update: BRSP LLC's Term Loan Rating Withdrawn At Issuer's Request; Rating Outlook Revised To Watch Neg Jul 09
Standard & Poors, July 2009
We are revising the outlook on U.S.-based power project financing BRSP LLC's $290 million term loan to CreditWatch with negative implications from CreditWatch with developing implications. The rating remains at 'CC'. We are withdrawing our debt rating on BRSP at the issuer's request. On July 31, 2009, Standard & Poor's revised its outlook on BRSP LLC's (BRSP) $290 million term loan due 2014 to CreditWatch with negative implications from CreditWatch with developing implications, to match the CreditWatch listing on its parent, CIT (CC/Watch Neg/C). The rating remains unchanged at 'CC'. BRSP LLC is wholly owned by CIT. Since BRSP is not ring-fenced from CIT, its debt rating is constrained by that of CIT. Based on the information currently available to...
Companies mentioned in this report are: BRSP LLC,CIT Group Inc.
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
BRSP LLC,CIT Group Inc.