Summary: FPL Energy American Wind LLC Jan 12
Standard & Poors, January 2012
Abstract
Standard & Poor's Ratings Services rating on FPL Energy American Wind LLC's (American Wind) $380 million senior secured notes due 2023 is 'BB'. The bond balance as of Sept. 30, 2011, is approximately $176 million. The outlook is negative. The 'BB' rating on American Wind reflects our view of the following risks: Operations and maintenance (O&M) expenses that remain well above initial expectations and may continue to squeeze cash flow, particularly following the expiration of production tax credits (PTCs) in 2013. The cash flow from each project depends directly on energy production, which is dependent on the wind resource. The wind resource has proven to be variable rather than stable over time. The High Winds and New Mexico wind farms,...
Companies mentioned in this report are:
- FPL Energy American Wind LLC
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.
- FPL Energy American Wind LLC
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