We are assigning our 'BB' project finance issue rating to EFS Cogen Holdings I LLC's new $1.05 billion term loan B and $125 million revolving credit facility. We have also assigned a '1' recovery rating. The issuer is using the debt to refinance its existing debt. We are also withdrawing the 'BB+' rating on that $825 million term loan, which is being replaced by the new debt. The rating reflects our expectation of robust energy and capacity markets in New York Independent System Operator (NYISO) Zone J, as well as this asset's relatively strong competitive position and high barriers to entry in Zone J. The stable outlook stable reflects our expectation that the Linden assets' management team will continue to
