Market conditions in New York Independent System Operator (NYISO) Zone J continue to weaken, with capacity and power prices coming in beneath our expectations. We are lowering our rating on EFS Cogen Holdings I LLC to 'BB-' from 'BB' based on lower debt-service coverage ratios (DSCRs) than our historical projections. The outlook is stable. We expect the project to maintain a capacity factor around 80% over the next few years while DSCRs remain above 1.7x. The recovery rating remains '1'. On June 29, 2018, S&P Global Ratings lowered its rating on EFS Cogen Holdings I LLC to 'BB-' from 'BB' based primarily on weak market prices. The recovery rating is '1', indicating our expectation for very high (90%-100%; rounded estimate:
