Moody's moves Gwynt y Mor view to stable

Moody's Investors Service said it changed the outlook to stable from negative for Gwynt y Mor OFTO plc (GyM). Concurrently, the agency affirmed the Baa1 rating on the £339.2 million of 2.778% senior secured bonds due 2034 issued by GyM.

GyM conducted pre-emptive cable repairs that involved the replacement of a 7.5 km section of the subsea cable. This work was completed in July, and the cable was restored to full export capacity on July 13.

“The stable outlook reflects (1) the completion of the significant cable repairs in July 2022 and subsequent return of the OFTO to full export capacity; and (2) replenishment of project liquidity reserve accounts. Following the cable repairs, Moody's expects the OFTO will operate at close to 100% availability, with debt service coverage ratios (DSCRs) stabilizing at around 1.3x after 2023 in Moody's base case,” the agency said in a press release.

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