We are assigning our preliminary 'BB' project finance issue rating to EFS Cogen Holdings I LLC's new $1.0 billion term loan B and $125 million revolving credit facility. We have also assigned a preliminary '1' recovery rating. The issuer is using the debt to refinance its existing debt. We expect to withdraw that debt rating at closing. The rating reflects our expectation of robust energy and capacity markets in 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 successfully manage the project with high availability. On June 8, 2016, S&P Global Ratings assigned
