...- S&P Global Ratings assigned its preliminary '##-' project finance issue rating and preliminary '2' recovery rating to Carroll County Energy LLC's (CCE) proposed issuance of a $400 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 preliminary '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in a default scenario. - The '##-' rating on the existing TLB is unchanged, and we will withdraw it at the close of the proposed transaction, which is intended to repay that debt. - 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 1.61x and a median DSCR of 1.68x for CCE (including...
