S&P affirms FPL Energy American Wind rating

Standard & Poor's said it affirmed its BBB- rating on FPL Energy American Wind LLC's $380 million senior secured notes due 2023.

The outlook is stable.

The affirmation follows an analysis of the potential credit affect on the project from the FPL Energy Wind Funding LLC financing that is expected to close in early December 2003. American Wind repays debt with cash flow from seven U.S. wind projects that earn revenues from energy sold under long-term power-purchase agreements and from the monetized value of federal renewable energy production tax credits.

S&P said the BBB- rating incorporates weaknesses, including concern the cash flow from each project depends directly on energy production that depends on the wind resource. The lack of long-term wind resource data at each of the sites introduces risk that pro forma energy production levels and thus cash flows may not be realized.

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