Summary: First Wind Capital LLC Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services' long-term issuer credit rating on First Wind Capital LLC (FW Capital) is 'B-'. The company is a wholly owned subsidiary of Boston-based First Wind Holdings LLC (FWH), a wind developer group. The rating on FW Capital's $200 million senior secured notes due in 2018 that FWH guarantees is 'B+'. The '1' recovery rating on the notes reflects Standard & Poor's expectations that lenders would receive very high (90% to 100%) recovery of principal if a payment default occurs. The ratings are on CreditWatch with negative implications. The issuer is a wholly owned subsidiary of FWH, head of First Wind Group (FW), an independent wind developer with an open-ended portfolio of wind farms in the Northeast...

Companies mentioned in this report are: First Wind Capital LLC
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.

First Wind Capital LLC

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