S&P lowers Panda Patriot

S&P said it lowered the debt rating on Patriot LLC’s senior secured term loan B to B- from BB-. The 2 recovery rating is unchanged.

Citing depressed wholesale power prices and lower-than-expected cash flows in the first half of the year, the agency said Patriot could have trouble staying in compliance with a covenant in its loan agreement.

The outlook is negative.

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