Summary: Race Point Power II LLC Jan 12

Standard & Poors, January 2012

Abstract
The rating on the four Race Point coborrowers' (Race Point Power II LLC, Race Point Power III LLC, Race Point Power IV LLC, and NeoElectra Lux S.ar.l.) $275 million, seven-year senior secured term loan is 'BB'/Developing. In addition, the recovery rating on the loan is '1', indicating our expectation for high (90% to 100%) recovery of principal in the event of a payment default. As of Sept. 30, 2011, the outstanding amount of the term loan was about $256.3 million. On Dec. 20, 2011, we placed the 'BB' rating on Race Point Power II LLC's $275 million senior secured term loan on CreditWatch Developing because of a sale of certain assets. Among these assets are Hobbs, a 604-MW combined-cycle gas...

Companies mentioned in this report are: Race Point Power II LLC,Race Point Power III LLC,Race Point Power IV LLC,NeoElectra Lux S.ar.l.
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.

Race Point Power II LLC,Race Point Power III LLC,Race Point Power IV LLC,NeoElectra Lux S.ar.l.

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