...+ Market conditions in New York Independent System Operator (NYISO) Zone J continue to weaken, with capacity and power prices coming in beneath our expectations. + We are lowering our rating on EFS Cogen Holdings I LLC to '##-' from '##' based on lower debt-service coverage ratios (DSCRs) than our historical projections. + The outlook is stable. We expect the project to maintain a capacity factor around 80% over the next few years while DSCRs remain above 1.7x. + The recovery rating remains '1'. NEW YORK (S&P Global Ratings) June 29, 2018--S&P Global Ratings today lowered its rating on EFS Cogen Holdings I LLC to '##-' from '##' based primarily on weak market prices. The recovery rating is '1', indicating our expectation for very high (90%-100%; rounded estimate: 90%) recovery in the event of a default. The outlook is stable. We expect weaker demand to affect merchant generators across the northeastern U.S. by pressuring spark spreads and capacity prices, which is likely to result in the...
