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S&P: FPL Energy Wind to negative
Standard & Poor's said it affirmed its B- issue-level rating on project finance entity FPL Energy Wind Funding LLC's $125 million senior secured notes due 2017 and revised the outlook to negative from stable.
The recovery rating on FPL Energy Wind’s senior secured bonds is unchanged at 2, indicating an expectation of a substantial (70% to 90%) recovery in a default scenario. Recovery expectations are in the higher end of the 70% to 90% range.
S&P said the negative outlook reflects uncertainty about wind speeds and that liquidity at FPL Energy Wind is about $600,000 short of covering the debt service payments in June 2016.
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