Recovery Report: Infinis PLC Recovery Rating Profile Mar 12

  • ID: 2082561
  • March 2012
  • Standard & Poors
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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

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

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- Infinis PLC

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