Fitch Places SteelRiver on Rating Watch Positive

SAN FRANCISCO--()--Fitch Ratings has placed SteelRiver Transmission Company LLC's (SteelRiver) $411.5 million senior secured notes, currently rated 'BBB', on Rating Watch Positive.

KEY RATING DRIVERS

The Rating Watch is based on the potential for an upgrade pending Fitch's forthcoming annual review, and corresponding update on project operations and financing plans. Under new Availability Payment Criteria applied in conjunction with a comprehensive assessment of the project's Key Rating Drivers and projected financial performance, Fitch evaluates three sub-factors to analyze cost risk. The three scores led to an overall cost assessment of 'Midrange' for SteelRiver. The project was assigned 'Midrange' assessments for scope risk and cost predictability and a 'Stronger' assessment for cost volatility.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Rating Criteria for Availability-Based Projects (pub. 14 Oct 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=871036

Rating Criteria for Infrastructure and Project Finance (pub. 28 Sep 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=870967

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=995246

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Primary Analyst
Andrew Joynt
Director
+1-415-732-5622
Fitch Ratings, Inc.
650 California Street
San Francisco, CA 94108
or
Secondary Analyst
Patricia McGuigan
+1-212-908-0675
or
Committee Chairperson
Scott Zuckorski
Senior Director
+1-212-908-0659
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Andrew Joynt
Director
+1-415-732-5622
Fitch Ratings, Inc.
650 California Street
San Francisco, CA 94108
or
Secondary Analyst
Patricia McGuigan
+1-212-908-0675
or
Committee Chairperson
Scott Zuckorski
Senior Director
+1-212-908-0659
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com