Moxie Patriot LLC Upgraded To #BB-# On Construction Completion

Stocks and Financial Services Press Releases Tuesday November 29, 2016 09:07
NEW YORK--29 Nov--S&P Global Ratings

NEW YORK (S&P Global Ratings) Nov. 28, 2016--S&P Global Ratings said today it raised its project credit rating on Moxie Patriot LLC to 'BB-' from 'B+'. The recovery rating remains '2'. The outlook is stable.

"The stable outlook reflects our expectation that performance will likely remain at the current projected levels, with minimum DSCRs exceeding 1.7x. Achieving this level relies on maintaining high availability and a heat rate in line with our expectations, which will allow high capacity factors," said S&P Global Ratings credit analyst Michael Ferguson.

A downgrade is possible if our expectation of debt at maturity changes if debt service coverage ratios (DSCRs) steadily decline below 1.5x. This would likely result from lower-than-expected spark spreads, poor operational performance associated with the use of new technology, or higher operating and maintenance costs.

Our base-case DSCR estimates an average of about 2.1x through maturity. After the project is able to ramp up, and sustain, expected capacity factors, we would look to upgrade the project if minimum DSCR levels are about 1.9x; this would likely also require a secular improvement in market conditions that results in improved capacity prices.

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