Lightstone HoldCo 'BB-' Debt Rating Affirmed, Outlook Stable (Recovery Rating: '1')

Despite a favorable repricing, Lightstone HoldCo's plants cleared much lower than expected in the 2020/2021 capacity market, and we have lowered our capacity price expectations for future years. As a result, our forecast minimum debt service coverage ratio (DSCR) for Lightstone has fallen about 10 basis points. We are affirming our 'BB-' rating on Lightstone's term loan B, term loan C, and revolving credit facility. The recovery rating is '1'. The outlook is stable, reflecting our expectations for sound operational performance and compliance with the Pennsylvania-Jersey-Maryland (PJM) Interconnection capacity performance construct. NEW YORK (S&P Global Ratings) March 19, 2018--S&P Global Ratings said today it affirmed its 'BB-' rating on Lightstone HoldCo's $1.575 billion term loan B, $100 million term loan

...+ Despite a favorable repricing, Lightstone HoldCo's plants cleared much lower than expected in the 2020/2021 capacity market, and we have lowered our capacity price expectations for future years. + As a result, our forecast minimum debt service coverage ratio (DSCR) for Lightstone has fallen about 10 basis points. + We are affirming our '##-' rating on Lightstone's term loan B, term loan C, and revolving credit facility. The recovery rating is '1'. + The outlook is stable, reflecting our expectations for sound operational performance and compliance with the Pennsylvania-Jersey-Maryland (PJM) Interconnection capacity performance construct. NEW YORK (S&P Global Ratings) March 19, 2018--S&P Global Ratings said today it affirmed its '##-' rating on Lightstone HoldCo's $1.575 billion term loan B, $100 million term loan C, and $100 million revolver. Our recovery rating remains '1', reflecting our expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of default. The...

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