Fitch Downgrades Coso Geothermal (Business Wire - press release)
Fitch Ratings has downgraded the rating on Coso Geothermal Power Holdings LLC's $629 million ($517 million outstanding) pass-through certificates due 2026 to 'CC' from 'CCC'. The ratings downgrade reflects Fitch's expectation that default is probable, as operating cash flows and reserve funds will be insufficient to meet long-term financial obligations.
Key rating drivers are: Geothermal Resource Depletion; Expected Payment Shortfall; Uncertain Financial Support, and Limited Price Risk.
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