Fitch Withdraws Indiantown Cogeneration, L.P. & Martin Co Industrial Development Auth's 'BB' Ratings

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has withdrawn the 'BB' ratings on $389.4 million of outstanding debt as follows:

Indiantown Cogeneration L.P. (ICLP) and Indiantown Cogeneration Funding Corp (as co-issuers):

--$264.4 million taxable first mortgage bonds due 2020.

Martin County Industrial Development Authority:

--$125 million tax-exempt facility revenue bonds due 2025.

Fitch has withdrawn the ratings due to a decision by the project sponsor, Energy Investors Funds (EIF), to stop participating in the rating process. Fitch will no longer have sufficient information to maintain the ratings going forward, and will no longer provide ratings or analytical coverage for ICLP.

ICLP is a 330 megawatt pulverized coal-fired cogeneration facility located in Martin County, Florida. ICLP supplies energy and capacity to Florida Power and Light Co. (Issuer Default Rating of 'A' with a Stable Outlook by Fitch), under a 30-year power purchase agreement. ICLP also provides steam to Louis Dreyfus Citrus, an international juice processing company, under a long-term steam supply agreement in order to maintain qualifying facility status. ICLP was formed to construct, own, and operate this coal facility, which began commercial operation in December 1995.

ICLP is 100% indirectly owned by the private equity firm, EIF. In September 2007, funds managed by EIF acquired an 80% equity interest in ICLP, and in June 2011 acquired the remaining 20% interest from Goldman Sachs Group, Inc. and its wholly owned subsidiary Cogentrix, Inc.

Additional information is available at 'www.fitchratings.com'.The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Fitch Affirms Indiantown Cogeneration and Martin Cnty Industrial Devel Auth at 'BB'; Outlook Stable' (Dec. 19, 2011);

--'Rating Criteria for Infrastructure and Project Finance' (Aug. 16, 2011);

--'Rating Criteria for Thermal Power Projects' (June 20, 2011).

Applicable Criteria and Related Research:

Rating Criteria for Infrastructure and Project Finance

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648832

Rating Criteria for Thermal Power Projects

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639073

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