Moody’s assigns Sacyr notes, loan A3

Moody’s Investors Service said it assigned a public A3 rating to Sacyr Plenary Utility Partners Idaho LLC’s (Project Co) senior secured $99.2 million of series 2020 senior notes maturing on Dec. 31, 2060 and senior secured $130 million term loan maturing on Dec. 31, 2030.

“The A3 rating reflects Project Co’s high degree of cash flow predictability derived from the 50-year concession agreement with the University that chose to monetize its highly essential utility system in exchange for a large upfront payment,” Moody’s said in a press release.

ProjectCo used the proceeds with an equity contribution from the sponsors to finance upfront reserves, transaction costs, and the $225 million upfront payment to enter into the 50-year long-term lease and concession agreement to run the University of Idaho’s utility system.

The outlook is stable.

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