SAN FRANCISCO (S&P Global Ratings) Dec. 22, 2020--S&P Global Ratings today said that the positive developments at power project financing Panoche Energy Center LLC (BB-/Positive) are noteworthy but do not sufficiently improve its credit profile to warrant a higher rating at this time because they are offset by the unknown cost of repair, net of possible insurance reimbursement, for one of the power plant's combustion turbines. Our assessment of the project's current credit quality requires a brief recap of the key developments since autumn 2020. On Oct. 23, 2020, Panoche's debt service reserve (DSR) letter of credit (LOC) with BNP Paribas was reinstated with the DSR requirement now satisfied with an LOC rather than cash. Due to the bankruptcy of
