Lightstone HoldCo LLC's Term Loans B And C And Credit Facility Rated 'BB-' (Recovery Rating: '1'), Outlook Stable

The capital structure of U.S. power project finance Lightstone HoldCo LLC includes a $1.575 billion term loan B, $150 million term loan C, and $100 million revolving credit facility. Major risks to the project include power pricing, capacity pricing, and operations. We are assigning our 'BB-' rating to Lightstone HoldCo'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) commercial paper construct. NEW YORK (S&P Global Ratings) March 2, 2017--S&P Global Ratings said today it assigned its 'BB-' rating to Lightstone HoldCo's $1.575 billion term loan B, $150 million term loan C, and $100 million revolver. The

...+ The capital structure of U.S. power project finance Lightstone HoldCo LLC includes a $1.575 billion term loan B, $150 million term loan C, and $100 million revolving credit facility. + Major risks to the project include power pricing, capacity pricing, and operations. + We are assigning our '##-' rating to Lightstone HoldCo'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) commercial paper construct. NEW YORK (S&P Global Ratings) March 2, 2017--S&P Global Ratings said today it assigned its '##-' rating to Lightstone HoldCo's $1.575 billion term loan B, $150 million term loan C, and $100 million revolver. The outlook is stable. The recovery rating is '1', reflecting our expectation of very high (90%-100%; rounded estimate; 95%) recovery in the event of default. The '##-' rating on Lightstone is based on significant...

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