The capital structure of U.S. power project finance Lightstone HoldCo LLC includes a $1.575 billion term loan B, $150 million term loan C, and $100 million revolving credit facility. Major risks to the project include power pricing, capacity pricing, and operations. We are assigning our preliminary 'BB-' rating to Lightstone HoldCo's term loan B, term loan C, and revolving credit facility. The preliminary recovery rating is '1'. The outlook is stable, reflecting our expectations for sound operational performance and compliance with the PJM CP construct. On Nov. 30, 2016, S&P Global Ratings assigned its preliminary 'BB-' rating to Lightstone HoldCo's $1.575 billion term loan B, $150 million term loan C, and $100 million revolver. The outlook is stable. The preliminary
