IEA urges proactive measures to integrate renewables
Sep 18, 2024 11:17 CESTJul 4, 2011 – S&P on Friday cut to BB from BBB- its rating on the USD 380 million (EUR 262m) senior secured bonds due 2025 issued by US wind power producer FPL Energy American Wind.
The service also slashed to B from B+ the rating on the USD 125 million, six-year senior secured bonds of FPL Energy Wind Funding.
The ratings on both debt issues bear "negative" outlooks, meaning further downgrades are possible.
American Wind was attached a recovery rating of 1, while Wind Funding's recovery rating of 4 was kept intact.
The company's higher-than-projected operations and management (O&M) expenses and subsequent expiry of the wind portfolio's production tax credits in 2013 could result in low debt service coverage ratios, the agency said explaining the rating cut.
The next rating move hinges on the financial performance of the portfolio, S&P said. The ratings could be reduced if the portfolio continues to perform below expectations due to insufficient wind resources. Conversely, stabilisation of financial performance at the current level could result in a "stable" outlook.
(USD 1.00 = EUR 0.688)
Rating agency website: www.standardandpoors.com
IEA urges proactive measures to integrate renewables
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