Research Update: CPV Shore Holdings LLC Senior Secured Debt Rating Lowered To 'B' From 'B+'; Recovery Rating Revised To '3' From ?2? - S&P Global Ratings’ Credit Research

Research Update: CPV Shore Holdings LLC Senior Secured Debt Rating Lowered To 'B' From 'B+'; Recovery Rating Revised To '3' From ?2?

Research Update: CPV Shore Holdings LLC Senior Secured Debt Rating Lowered To 'B' From 'B+'; Recovery Rating Revised To '3' From ?2? - S&P Global Ratings’ Credit Research
Research Update: CPV Shore Holdings LLC Senior Secured Debt Rating Lowered To 'B' From 'B+'; Recovery Rating Revised To '3' From ?2?
Published Oct 03, 2023
7 pages (2919 words) — Published Oct 03, 2023
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

We expect CPV Shore Holdings LLC's debt (CPV Shore or the project) will have a higher-than-expected balance at maturity due to the recent underperformance on sweep expectation. S&P Global Ratings lowered its issue-level rating on CPV Shore's senior secured debt to 'B' from 'B+'. We also revised the recovery rating on the debt to '3' from '2'. A recovery rating of '3' indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default. The negative outlook reflects the potential for further underperformance due to softening spark spreads, high emission costs, weakening in capacity prices, or deterioration in the project's liquidity. The Woodbridge Energy Center (Woodbridge or the plant) is a 725-megawatt (MW) combined-cycle gas-fired power plant

  
Brief Excerpt:

...- We expect CPV Shore Holdings LLC's debt (CPV Shore or the project) will have a higher-than-expected balance at maturity due to the recent underperformance on sweep expectation. - S&P Global Ratings lowered its issue-level rating on CPV Shore's senior secured debt to 'B' from 'B+'. - We also revised the recovery rating on the debt to '3' from '2'. A recovery rating of '3' indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default. - The negative outlook reflects the potential for further underperformance due to softening spark spreads, high emission costs, weakening in capacity prices, or deterioration in the project's liquidity....

  
Report Type:

Research Update

Ticker
0925870D
Issuer
CPV Shore Holdings LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
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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.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: CPV Shore Holdings LLC Senior Secured Debt Rating Lowered To 'B' From 'B+'; Recovery Rating Revised To '3' From ?2?" Oct 03, 2023. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CPV-Shore-Holdings-LLC-Senior-Secured-Debt-Rating-Lowered-To-B-From-B-Recovery-Rating-Revised-To-3-From-2-3065889>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: CPV Shore Holdings LLC Senior Secured Debt Rating Lowered To 'B' From 'B+'; Recovery Rating Revised To '3' From ?2? Oct 03, 2023. 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-Senior-Secured-Debt-Rating-Lowered-To-B-From-B-Recovery-Rating-Revised-To-3-From-2-3065889>
  
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