S&P assigns BB+ to LSP Madison term loan

Standard & Poor's said it assigned its preliminary BB+ rating to LSP Madison Funding LLC's proposed $450 million first-lien term loan B and assigned a preliminary 1 recovery rating to the debt, indicating an expectation of a very high recovery (90% to 100%) of principal in a default scenario.

The outlook is stable.

"The stable rating outlook reflects our expectations that the project's more stable revenue streams, consisting of capacity payments, ancillary services, a PPA and hedge agreement will allow for significant deleveraging over the loan's tenor," said S&P credit analyst Rubina Zaidi in a news release.

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