Fitch Downgrades Coso Geothermal Power Holdings LLC's 2007 Pass-Through Trust Certificates to 'C' (Benzinga)
Fitch Ratings has downgraded the rating on Coso Geothermal Power Holdings LLC's (Coso) $629 million ($455 million outstanding) pass through certificates due 2026 from 'CC' to 'C'.
The rating downgrade to 'C' is based on Fitch's expectation that the project will fail to meet a pari passu reimbursement obligation under a drawn letter of credit (LC) due in November 2014. Failure to meet the LC obligation would trigger a technical default of the pass-through trust certificates, and a payment default shortly thereafter appears imminent.
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