Crockett Cogeneration L.P. Senior Secured Note Rating Outlook Is Revised To Negative On Weak SRAC Pricing

Stocks and Financial Services Press Releases Tuesday November 29, 2016 16:37
SAN FRANCISCO--29 Nov--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Nov. 28, 2016--S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BBB-' rating on U.S. electricity and steam generator Crockett Cogeneration L.P.'s (Crockett) $295 million senior secured notes due March 30, 2025.

"The outlook revision reflects our view of the risk of financial deterioration from the project's exposure to California's short-run avoided cost energy pricing formula for approximately 50% of revenues and the potential for reduced capacity factors from renewable growth in the state," said S&P Global Ratings credit analyst Corinne Bendersky.


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