Recovery Report: Infinis PLC Recovery Rating Profile Mar 12
- ID: 2082561
- March 2012
- Standard & Poors
We are updating our recovery analysis on U.K.-based renewable power generator Infinis PLC (B+/Stable/--). We maintain the recovery rating on Infinis' £275 million senior secured notes at '4', indicating our expectation of average (30%-50%) recovery prospects for noteholders in the event of a payment default. Our simulated default scenario contemplates a default in the financial year-ending March 2015, mainly fueled by lower-than-expected wholesale power and renewable obligation certificate (ROC) prices, increasing operational costs, and an inability to refinance the company's £275 million bond as it matures. The debt facilities sitting at the various operating companies of Novera Energy Ltd. and Infinis Wind Holdings Ltd. are nonrecourse, and we exclude these businesses in our valuation of Infinis. Infinis' debt consists of...
Companies mentioned in this report are:
- Infinis PLC
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Research Type: Full Analysis