Essential Power Rating Lowered To 'BB-'; Outlook Stable - S&P Global Ratings’ Credit Research

Essential Power Rating Lowered To 'BB-'; Outlook Stable

Essential Power Rating Lowered To 'BB-'; Outlook Stable - S&P Global Ratings’ Credit Research
Essential Power Rating Lowered To 'BB-'; Outlook Stable
Published Mar 07, 2014
1488 words — Published Mar 07, 2014
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About This Report

  
Abstract:

Essential Power LLC and sponsor IFM Investors (the sponsor) have developed a financing plan to provide credit support for the ineffective heat rate call option (HRCO) hedges at Essential's Newington power plant and to stabilize cash flow. The financing plan will include sponsor-provided support in the form of a gross margin floor for Newington that will replace the HRCO. The plan will also include support from the sponsor to partially fund the full redemption of the $66.3 million senior secured second-lien notes. We are lowering the rating on Essential Power to 'BB-' from 'BB'. We are removing the ratings from CreditWatch, where we placed them with negative implications on Dec. 2, 2013. The stable rating outlook reflects our expectations that

  
Brief Excerpt:

RESEARCH Essential Power Rating Lowered To '##-'; Outlook Stable Publication date: 07-Mar-2014 Primary Credit Analyst: Rubina Zaidi, New York (1) 212-438-1249; rubina.zaidi@standardandpoors.com Secondary Contact: Aneesh Prabhu, CFA,...

  
Report Type:

Ratings Action

Ticker
0221469D
Issuer
Nautilus Power LLC
GICS
Independent Power Producers & Energy Traders (55105010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Essential Power Rating Lowered To 'BB-'; Outlook Stable" Mar 07, 2014. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Essential-Power-Rating-Lowered-To-BB-Outlook-Stable-1271347>
  
APA:
S&P Global Ratings’ Credit Research. (). Essential Power Rating Lowered To 'BB-'; Outlook Stable Mar 07, 2014. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Essential-Power-Rating-Lowered-To-BB-Outlook-Stable-1271347>
  
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