NEW YORK (Standard&Poor's) May 3, 2013--Standard&Poor's Ratings Services said today that its preliminary issue ratings on Plymouth, Mich.-based Power Buyer LLC remain unchanged after the company announced an upsize in its proposed first-lien term loan to $400 million (up from $385 million) and the second-lien term loan to $170 million (up from $140 million). We rate the first-lien term loan preliminary 'B' with a preliminary recovery rating of '3', indicating our expectation for meaningful (50%-70%) recovery in the event of payment default. We rate the second-lien term loan preliminary 'CCC+' with a preliminary recovery rating of '6', indicating our expectation for negligible (0-10%) recovery. The preliminary 'B' corporate credit rating and stable outlook also remain unchanged.
