S&P: Race Point on developing watch

Standard & Poor's said it placed the BB rating on Race Point Power II LLC's $275 million senior secured term loan on CreditWatch developing.

This action follows news that Hobbs Generation Station and Waterside Power LLC will be sold to FREIF North American Power I, S&P said.

The pending sale of the assets and the expected reduction in project debt is the primary driver of the CreditWatch action, the agency said.

Under the project documents for Race Point, when a sale of certain assets occurs a specific amount of debt must be repaid, S&P said.

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