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S&P lowers Salton Sea bonds
Standard & Poor’s said it lowered the rating on Salton Sea Funding Corp.’s $285 million senior bonds due 2018 to B from BB-.
The recovery rating is unchanged at 1.
The agency also said it lowered the rating to CCC from B- on holding company CE Generation LLC’s $400 million secured bonds due 2018. The recovery rating is unchanged at 2.
The outlook is negative.
The downgrades reflect the company’s weaker projected financial performance resulting from the downward revisions of the U.S. natural gas price deck and subsequent reduction of projected short-run avoided cost power prices paid to the project, S&P said.
The downgrades also consider the company’s larger cash deficits, estimated at about $30 million per year, the agency said.
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