Fitch Places SteelRiver on Rating Watch Positive

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'.

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151124005809/en/

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
[email protected]

Source: Fitch Ratings

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