U.K.-based special-purpose vehicle BY Chelmer PLC has recently issued an updated operating financial model that incorporates revised major maintenance funding arrangements. As a result, although construction is complete and operations are stable, project debt service coverage ratios and liquidity have declined. We are therefore lowering our long-term issue rating on BY Chelmer to 'BBB-' from 'BBB'. The stable outlook reflects our view that the project's strong counterparties are delivering stable operations. On May 26, 2011, Standard&Poor's Ratings Services lowered its long-term rating on the debt issued by U.K.-based special-purpose vehicle BY Chelmer PLC (ProjectCo) to 'BBB-' from 'BBB'. The outlook is stable. The downgrade follows an update to the project's operating financial model that incorporates revised major maintenance
