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S&P rates Heritage senior debt B+
S&P said it assigned a B+ rating and 3 recovery rating on Heritage Power LLC to the senior secured debt.
Heritage is a portfolio of 16 power plants across Pennsylvania, Ohio and New Jersey, plans to issue a $550 million term loan B, $61.1 million term loan C and $45 million revolving credit facility.
All three securities will be pari passu senior secured debt.
The rating reflects a view that the portfolio will need to maintain relatively strong availability, S&P said.
The ratings also consider the advanced age of company's plants, but those risks are mitigated somewhat by the low expected run hours of the peaking assets, the agency said.
The stable outlook reflects a belief that the portfolio will mostly avoid major unforced outages that lead to losses, capacity performance penalties and other cash flow losses associated with being out of service, S&P said.
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