...- We expect a strong operational and financial performance during the life of Nautilus Power LLC's senior secured term loan and revolving credit facilities. The post-refinancing period continues to be the main determinant of our ratings. - The project is upsizing its term loan B facility by $55 million to perform a dividend distribution. - We are affirming our 'B+' rating on U.S. power project Nautilus Power LLC's senior secured term loan facility and revolving credit facility. - At the same time, we are revising the recovery rating on the debt to '3' (50%-70%; rounded estimate: 60%) from '2' (70%-90%; rounded estimate: 70%) as a result of the upsize. - The stable outlook reflects our view that debt service coverage ratios (DSCRs) will remain robust in the upcoming 12 months, due to already secured capacity prices and our expectation that the project will continue to capture high on-peak spark spreads. We expect DSCRs to be in the 1.4x-1.6x range, decreasing to about 1.3x after the refinancing....
