On Dec. 8, 2025, Carroll County Energy LLC (CCE) announced a repricing and upsizing of its term loan B (TLB). The project is looking to add $50 million to its $380 million outstanding ($425 million original issue) TLB due 2031. CCE will use the proceeds from the add-on to fund distributions to its owners and pay transaction fees. We raised the rating on CCE's TLB due June 2031 to 'BB' from 'BB-'. We also revised the recovery rating to '1+' (100%), indicating our expectation for full (rounded estimate: 100%) recovery in a default scenario, from '2'. The upgrade reflects the project?s strong operating and financial performance, underpinned by robust PJM capacity prices and attractive realized energy margins. It also incorporates
