SAN FRANCISCO--(BUSINESS WIRE)--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'.
Rating Criteria for Availability-Based Projects (pub. 14 Oct 2015)
Rating Criteria for Infrastructure and Project Finance (pub. 28 Sep 2015)