SAN FRANCISCO (S&P Global Ratings) March 16, 2020--S&P Global Ratings today said that Invenergy Thermal Operating I LLC's (BB/Stable; recovery rating '1' [90%]) repricing of its term loan B ($390 million remaining as of Dec. 31, 2019) and $70 million revolver is credit positive because it will reduce the project's debt service. Specifically, the project lowered the spread for its facilities by 50 basis points (bps), with the term loan B spread declining to LIBOR+300 bps from LIBOR+350 bps and the revolver spread dropping to LIBOR+275 bps from LIBOR+325 bps. There were no other changes to the credit agreement. While we view the transaction as credit positive, it does not affect our rating on the project because the rating is
