Research Update: EFS Cogen I LLC Debt Rating Outlook Revised To Negative From Stable On Weaker Capacity Prices; 'BB-' Rating Affirmed - S&P Global Ratings’ Credit Research

Research Update: EFS Cogen I LLC Debt Rating Outlook Revised To Negative From Stable On Weaker Capacity Prices; 'BB-' Rating Affirmed

Research Update: EFS Cogen I LLC Debt Rating Outlook Revised To Negative From Stable On Weaker Capacity Prices; 'BB-' Rating Affirmed - S&P Global Ratings’ Credit Research
Research Update: EFS Cogen I LLC Debt Rating Outlook Revised To Negative From Stable On Weaker Capacity Prices; 'BB-' Rating Affirmed
Published May 19, 2021
7 pages (2922 words) — Published May 19, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

On May 19, 2021, S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB-' project finance rating on EFS Cogen I LLC's senior secured debt. The '2' recovery rating is unchanged. The negative outlook reflects New York Independent System Operator (NYISO) Zone J's latest strip auction results, as well as our downward estimate revision for the region's capacity prices through 2023. We believe that the project's cash flows and debt service coverage ratio (DSCR) will be weaker than previously anticipated over the next 12 months. EFS Cogen Holdings I LLC is a special-purpose, bankruptcy-remote entity that owns two gas-fired, combined-cycle cogeneration facilities at the Phillips 66 Bayway Refinery in Linden, N.J. The assets are the 809

  
Brief Excerpt:

...- On May 19, 2021, S&P Global Ratings revised the outlook to negative from stable and affirmed its '##-' project finance rating on EFS Cogen I LLC's senior secured debt. The '2' recovery rating is unchanged. - The negative outlook reflects New York Independent System Operator (NYISO) Zone J's latest strip auction results, as well as our downward estimate revision for the region's capacity prices through 2023. We believe that the project's cash flows and debt service coverage ratio (DSCR) will be weaker than previously anticipated over the next 12 months....

  
Report Type:

Research Update

Ticker
0891030D
Issuer
EFS Cogen Holdings I LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: EFS Cogen I LLC Debt Rating Outlook Revised To Negative From Stable On Weaker Capacity Prices; 'BB-' Rating Affirmed" May 19, 2021. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-EFS-Cogen-I-LLC-Debt-Rating-Outlook-Revised-To-Negative-From-Stable-On-Weaker-Capacity-Prices-BB-Rating-Affirmed-2650788>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: EFS Cogen I LLC Debt Rating Outlook Revised To Negative From Stable On Weaker Capacity Prices; 'BB-' Rating Affirmed May 19, 2021. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-EFS-Cogen-I-LLC-Debt-Rating-Outlook-Revised-To-Negative-From-Stable-On-Weaker-Capacity-Prices-BB-Rating-Affirmed-2650788>
  
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