Research Update: Lightstone HoldCo LLC 'B+' Senior Secured Debt Rating Affirmed, Outlook Revised To Negative; Recovery Rating Remains '3' - S&P Global Ratings’ Credit Research

Research Update: Lightstone HoldCo LLC 'B+' Senior Secured Debt Rating Affirmed, Outlook Revised To Negative; Recovery Rating Remains '3'

Research Update: Lightstone HoldCo LLC 'B+' Senior Secured Debt Rating Affirmed, Outlook Revised To Negative; Recovery Rating Remains '3' - S&P Global Ratings’ Credit Research
Research Update: Lightstone HoldCo LLC 'B+' Senior Secured Debt Rating Affirmed, Outlook Revised To Negative; Recovery Rating Remains '3'
Published Jan 28, 2021
9 pages (3415 words) — Published Jan 28, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Following the 2020 COVID-19 pandemic-induced downturn, we now expect Lightstone HoldCo LLC will have a higher debt balance at maturity and consequently lower debt service coverage ratios (DSCRs)from 2024 through 2030. We are affirming our 'B+' rating on Lightstone's senior secured debt and revising the outlook to negative from stable. Our recovery rating on this debt remains '3'. The negative outlook reflects the possibility that we could lower the rating on Lightstone in the near term if the project does not sweep cash on the term loan in 2021 and we continue to see tepid recovery of weak market conditions that leads to debt outstanding at maturity greater than $1.4 billion. Lightstone is a merchant power portfolio consisting of four

  
Brief Excerpt:

...- Following the 2020 COVID-19 pandemic-induced downturn, we now expect Lightstone HoldCo LLC will have a higher debt balance at maturity and consequently lower debt service coverage ratios (DSCRs)from 2024 through 2030. - We are affirming our 'B+' rating on Lightstone's senior secured debt and revising the outlook to negative from stable. Our recovery rating on this debt remains '3'. - The negative outlook reflects the possibility that we could lower the rating on Lightstone in the near term if the project does not sweep cash on the term loan in 2021 and we continue to see tepid recovery of weak market conditions that leads to debt outstanding at maturity greater than $1.4 billion....

  
Report Type:

Research Update

Issuer
Lightstone HoldCo 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: Lightstone HoldCo LLC 'B+' Senior Secured Debt Rating Affirmed, Outlook Revised To Negative; Recovery Rating Remains '3'" Jan 28, 2021. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Lightstone-HoldCo-LLC-B-Senior-Secured-Debt-Rating-Affirmed-Outlook-Revised-To-Negative-Recovery-Rating-Remains-3-2587088>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Lightstone HoldCo LLC 'B+' Senior Secured Debt Rating Affirmed, Outlook Revised To Negative; Recovery Rating Remains '3' Jan 28, 2021. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Lightstone-HoldCo-LLC-B-Senior-Secured-Debt-Rating-Affirmed-Outlook-Revised-To-Negative-Recovery-Rating-Remains-3-2587088>
  
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