Carroll County Energy LLC (CCE) is contemplating upsizing its existing senior secured term loan B (TLB) to $450 million and amending the cash flow sweep provision, among other terms. There is currently $372 million outstanding on its TLB. The project would use the proceeds from the upsize to pay a distribution to its sponsors. Based on S&P Global Ratings'view of industry factors and market-driven variables, we forecast CCE will achieve an average debt service coverage ratio (DSCR) of above 3.5x during the TLB period. The minimum DSCR of 1.48x occurs in the refinancing period, when we assume a fully amortizing structure through 2050. Therefore, we lowered our issue-level rating on CCE’s TLB to'BB-'from'BB'to reflect the
