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Rating Action:

MOODY'S PLACES PANDA-ROSEMARY FUNDING AND PANDA FUNDING CORPORATIONON REVIEW FOR POSSIBLE DOWNGRADE

17 Sep 2002
MOODY'S PLACES PANDA-ROSEMARY FUNDING AND PANDA FUNDING CORPORATIONON REVIEW FOR POSSIBLE DOWNGRADE

New York, September 17, 2002 -- Moody's Investors Service placed under review for possible downgrade the Ba2 senior secured rating of Panda Rosemary LP and the Ba3 senior secured rating of Panda Funding Corporation. The review will analyze the impact of recent events on the future cash flows of each entity.

Panda Rosemary has been experiencing declining steam sales to Westpoint Stevens, its steam host, whose operations have been weakened due to severe foreign competition in the textile industry. The declining steam sales may jeopardize Panda Rosemary's QF status, which requires a minimum thermal output from the facility. A loss of the QF status, if unremedied, would allow Virginia Electric and Power Company (VEPCO), the power purchaser, to terminate the power purchase agreement. Moody's notes that the company received a waiver from the Federal Energy Regulatory Commission with regard to the compliance of QF regulations for 2002 and 2003. We also note that the company is building a water distillation facility to replace its steam host. Expected to cost approximately $4 million, the construction will be funded from advance from Panda Energy International and excess cash flow generated by Panda Funding Corporation. The completion and the viability of the water distillation facility will be crucial in maintaining its QF status and stable cash flow and is currently targeted for the end of 2002 well in advance of expiration of the FERC waiver.

Panda Funding Corporation receives dividends from Panda Rosemary and another generating plant, Panda Brandywine, which experienced forced outages in June and July that is expected to have lingering effects on Brandywine's ability to receive a bonus capacity payment from PEPCO, its power purchaser. Moody's review will examine the cash flow impact the reduction in capacity payments has on its ability to service debt.

Panda Rosemary L.P. is a Delaware limited partnership and is indirectly wholly-owned by Panda Energy International, an international developer of non-utility power projects headquartered in Dallas, Texas.

New York
Daniel Gates
Managing Director
Energy, Comm. and Spec. Grade
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Johnson
VP - Senior Credit Officer
Energy, Comm. and Spec. Grade
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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