Fitch Cuts CRC Breeze Finance
The downgrades reflect Fitch's opinion that the energy production achievable by the wind farm portfolio is materially lower than that originally forecasted and that operating expenditures were significantly underestimated in the original budget.
Energy output during 2008 at 540.9 GWh was some 12.5% and 19.6% lower than the 10 year-P90 and P50 forecasts respectively. This was partly due to below-average wind conditions as well as lower-than-expected technical availability.
June 4, 2009
Fitch Ratings has today downgraded CRC Breeze Finance S.A.'s (Breeze 2) EUR283.2m class A notes to 'BB' from 'BBB' and EUR43.4m class B notes to 'B' from 'BB+'. The Outlook on class A is Negative, while that on class B is Stable. Breeze 2 is a Luxembourg SPV that issued three classes of notes in May 2006 for an amount of EUR470m to finance the acquisition and completion of a portfolio of wind farms located in Germany and France, as well as establishing various reserve accounts. The notes will be repaid from the cash flow generated by the sale of... [continue via Web link]