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S&P puts Vistra on watch
S&P said it placed its BB+ issuer credit rating on Vistra Corp. on CreditWatch with negative implications.
The CreditWatch placement follows Vistra's announcement that it expects the dislocation of its operations caused by the polar vortex to have a $900 million-$1.3 billion impact on its cashflow. The company is not a tax payer due to its carryforward losses, thus the storm's effect will directly translate into a reduction in its funds from operations (FFO), S&P noted.
“The impact of the storm will effect the company's deleveraging efforts and halt the improvement in its credit metrics over the short to medium term,” S&P said in a news release.
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