Transaction Update: Kincaid Generating LLC Jan 12
Standard & Poors, January 2012
Abstract
Kincaid is a 1,158 megawatt (MW) coal-fired power plant located near Kincaid, outside of Springfield, Ill. The facility began commercial operations in 1967-1968, but Kincaid overhauled all boilers in 1998-1999 when the debt was issued. Kincaid sells electricity to Exelon Generation Co. LLC (BBB/Stable/A-2) under a 15-year power-purchase agreement (PPA) ending Feb. 27, 2013. Exelon Generation is the project's sole off-taker. Kincaid is a special-purpose entity owned by Dominion Energy Inc., a wholly owned subsidiary of Dominion Resources Inc. (A-/Stable/A-2), and by Dominion Kincaid Inc., a wholly owned subsidiary of Dominion Energy. The rating on U.S. power producer Kincaid Generating LLC's $265 million 7.33% amortizing senior secured bonds due 2020 ($165 million outstanding) is 'BBB-'. The outlook is stable. The...
Companies mentioned in this report are: Kincaid Generating LLC,Dominion Resources Inc.,Dominion Resources Capital Trust III
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.
Research Type: Full Analysis
Kincaid Generating LLC,Dominion Resources Inc.,Dominion Resources Capital Trust III
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