Orange Cogen Funding Corp. Issue-Level Rating Lowered To #BBB+# From #A-# On Downgrade To Project#s Outlook Stable

Stocks and Financial Services Press Releases Tuesday June 5, 2018 10:09
TORONTO--5 Jun--S&P Global Ratings

TORONTO (S&P Global Ratings) June 4, 2018--S&P Global Ratings today lowered its issue-level rating on Orange Cogen Funding Corp.'s $110 million senior secured bonds due 2022 to 'BBB+' from 'A-'. The outlook is stable.

The rating action reflects that on the project's bank, Deutsche Bank Trust Co. Americas, on June 1, 2018. The rating on the project is weak-linked to that on the bank because the replacement provision in the project agreement does not fully comply with our financial counterparty criteria.

The stable outlook reflects the link to the project's bank, Deutsche Bank Trust.

We cap the rating at the lower of the credit ratings on its energy off-taker and its financial counterparty. We could raise the rating if we upgrade the financial counterparty above 'BBB+' because the project's operations support a higher rating.

We could lower the rating if the rating on the project's off-taker or financial counterparty falls below 'BBB+'. We could also lower the rating if gas prices were to increase materially (which we believe is unlikely in our two-year outlook period), and operating performance were to deteriorate such that we forecast sustained DSCRs at the lower end of the 1.75x-2.50x range.

Latest Press Release

KTC invites book lovers to enjoy Big Bad Wolf Book Sale Chiang Mai 2018.

"KTC" or Krungthai Card Public Company Limited in cooperation with Ready To Read Company Limited give privilege to KTC cardmembers in Chiang Mai and its nearby provinces to enjoy the book fair "Big Bad Wolf Book sale Chiang Mai 2018" with more than 1...

KBank and CENTRAL Group launch K DAY Hey DAY@CENTRAL I ZEN campaign

To promote K-Credit Card as the "Lifestyle Credit Card" under the One Card for Use Every Day Concept, KBank has teamed up with a retail giant CENTRAL Group to unveil the "K DAY Hey DAY@CENTRAL I ZEN" special campaign to please every K-Credit Cardholder....

Siam Commercial Bank and SCB Abacus announces success of AI-powered lending platform for SMEs on Lazada to capture booming e-commerce trend

The new solution marks Thailand's first e-marketplace end-to-end digital lending platform and reinforces SCB's industry leadership Siam Commercial Bank (SCB) announces the success of "Clickcash" (Mae Manee Sri Online), Thailand's first end-to-end...


The FinLab announced the launch of its Smart Business Transformation Programme to help Thailand-based small- and medium-sized enterprises (SMEs) transform their businesses through digital solutions. The programme is supported by United Overseas Bank...

Photo Release: KBank teams up with PTTOR to offer first KBank Service at Cafe Amazon, PTT Service Station (Ekamai-Ramintra)

Ms. Jiraporn Khaosawas (1st from left), Chief Executive Officer and Managing Director of PTT Oil and Retail Business PCL. (PTTOR), and Mr. Patchara Samalapa, KBank President, recently introduced "KBank Service" or deposit service at Cafe Amazon, PTT...

Related Topics