Research Update: CPV Shore Holdings LLC Debt Rating Outlook Revised To Stable From Negative; Recovery Rating Revised To '2' - S&P Global Ratings’ Credit Research

Research Update: CPV Shore Holdings LLC Debt Rating Outlook Revised To Stable From Negative; Recovery Rating Revised To '2'

Research Update: CPV Shore Holdings LLC Debt Rating Outlook Revised To Stable From Negative; Recovery Rating Revised To '2' - S&P Global Ratings’ Credit Research
Research Update: CPV Shore Holdings LLC Debt Rating Outlook Revised To Stable From Negative; Recovery Rating Revised To '2'
Published Sep 25, 2024
7 pages (2970 words) — Published Sep 25, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

S&P Global Ratings revised the outlook to stable from negative and affirmed its 'B' rating on CPV Shore Holdings LLC's (CPV Shore or the project) senior secured debt. At the same time, we revised the recovery rating on the debt to '2' from '3'. A recovery rating of '2' indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of default. The revision is spurred by a higher cleared capacity price in the 2025-2026 auction and a reduced amount on the revolving credit facility (RCF), which was extended in November 2023. The stable outlook reflects our forecast of improved debt service coverage ratios (DSCRs), with a minimum DSCR of 1.16x throughout the life of the asset. This

  
Brief Excerpt:

...- S&P Global Ratings revised the outlook to stable from negative and affirmed its 'B' rating on CPV Shore Holdings LLC's (CPV Shore or the project) senior secured debt. - At the same time, we revised the recovery rating on the debt to '2' from '3'. A recovery rating of '2' indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of default. The revision is spurred by a higher cleared capacity price in the 2025-2026 auction and a reduced amount on the revolving credit facility (RCF), which was extended in November 2023. - The stable outlook reflects our forecast of improved debt service coverage ratios (DSCRs), with a minimum DSCR of 1.16x throughout the life of the asset. This improvement is mainly due to a better long-term capacity price outlook, partially offset by higher Regional Greenhouse Gas Initiative (RGGI) costs....

  
Report Type:

Research Update

Ticker
0925870D
Issuer
CPV Shore Holdings LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: CPV Shore Holdings LLC Debt Rating Outlook Revised To Stable From Negative; Recovery Rating Revised To '2'" Sep 25, 2024. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CPV-Shore-Holdings-LLC-Debt-Rating-Outlook-Revised-To-Stable-From-Negative-Recovery-Rating-Revised-To-2-3256922>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: CPV Shore Holdings LLC Debt Rating Outlook Revised To Stable From Negative; Recovery Rating Revised To '2' Sep 25, 2024. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CPV-Shore-Holdings-LLC-Debt-Rating-Outlook-Revised-To-Stable-From-Negative-Recovery-Rating-Revised-To-2-3256922>
  
US$ 225.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.