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.

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