S&P rates Vistra Zero loan BBB-

S&P said it rated Vistra Zero Operating Co. LLC’s planned up to $700 million term loan BBB- with a 1 recovery rating. The 1 recovery rating indicates very high (90%-100%; rounded estimate: 95%) recovery in a default scenario.

Vistra’s other ratings, including the BBB- senior secured debt with a 1 recovery and BB senior unsecured and 4 recovery ratings, are unchanged.

The loan will be secured by a perfected first lien on six operating solar generation and energy storage assets, representing a total portfolio of about 1.4 gigawatts.

The outlook is stable.

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