Fitch revises Westinghouse Electric view to positive

Fitch Ratings said it affirmed Brookfield WEC Holdings Inc.'s and Brookfield WEC Holdings Sub-Aggregator LP's (WEC; operating under the name Westinghouse Electric Co.) long-term issuer default ratings at B and revised the outlook to positive from stable.

Fitch also affirmed WEC's asset-based lending facility at BB/RR1 along with the senior secured revolving credit facility and term loan at B+/RR3.

The outlook revision reflects Fitch's revised expectations that growth in the business outside of legacy plant projects will be sustainably positive around the low-single digits, supporting earnings and cash flow stability, leverage will decline and remain in the low- to mid-4.0x range and that EBITDA margins will improve to the low-20% range in 2021 and remain steady.

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