We believe Lightstone HoldCo LLC's immediate refinancing risks were reduced with the extension of its term loan maturities by three years to January 2027. Nevertheless, refinance risk continues to be a key credit driver because we expect $1.1 billion-$1.2 billion of its term loan B to be outstanding at maturity. We revised our outlook to stable from negative and affirmed our 'B-' issue credit rating on Lightstone. The '3' recovery rating is unchanged. The stable outlook reflects our expectation that Lightstone can service its mandatory debt payments through the asset life with adequate liquidity. Lightstone is a merchant power portfolio consisting of four assets in the Pennsylvania-Jersey-Maryland (PJM) Interconnection American Electric Power region with a combined capacity of about 5.24
