Summary: FirstLight Hydro Generating Co. Jan 12
Standard & Poors, January 2012
Abstract
The rating on U.S. electricity generator FirstLight Hydro's $320 million senior secured bonds ($287 million outstanding) is 'BB-'. The recovery rating on the bonds is '1', indicating our expectations of a very high recovery (90% to 100%) if a payment default occurs. The outlook on the bonds is stable. The rating reflects the merchant exposure of FirstLight Power Resources Inc. (FirstLight Power)and purchase power agreement (PPA) counterparty FirstLight Power Resources Management (FLPRM). Because FirstLight Hydro is not bankruptcy-remote, we look at FirstLight Hydro and FirstLight Power on a consolidated basis. Then, because of their superior collateral position, we notch up from the consolidated rating for the first mortgage bonds. Hartford, Conn.-based FirstLight Hydro owns, operates, and maintains a portfolio of...
Companies mentioned in this report are: FirstLight Hydro Generating Co.
Action: Review
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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.
FirstLight Hydro Generating Co.
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