S&P rates Panda Temple loan B

Standard & Poor's said it assigned its preliminary B senior secured rating and preliminary 3 recovery rating to Panda Temple II Power LLC's proposed first-lien senior secured $372 million term loan B. The 3 recovery rating indicates meaningful recovery (50% to 70%) of principal in a default scenario.

The outlook is stable.

"The stable outlook on the debt ratings reflects our view that the project has sufficient liquidity during the construction phase and that the cash flows, while volatile, will comfortably cover debt service throughout the debt tenor," said S&P credit analyst Nora Pickens in a news release.

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