...- S&P Global Ratings assigned its '##-' project finance issue rating and '2' recovery rating to Carroll County Energy LLC's (CCE) proposed issuance of a $425 million term loan B (TLB). - CCE will use the proceeds from the issuance to refinance existing debt, pay transaction-related fees and expenses, and make one-time distribution payment to its equity holders. - The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in a default scenario. - Based on our view of industry factors and market-driven variables, such as power demand and the pace and magnitude of the retirement of uneconomical units, as well as commodity and capacity pricing, we forecast a minimum debt service coverage ratio (DSCR) of 1.39x and a median DSCR of 1.40x for CCE (including the post-refinancing period). - The stable outlook reflects our expectation of high levels of availability and dispatch, as well as spark spreads in the mid-to-high teens over the next few years....
