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Moody's eyes Energy Harbor for downgrade
Moody's Investors Service said it placed Energy Harbor Corp.'s Baa3 issuer rating under review for downgrade.
The review follows the announcement by Vistra Corp. rated Ba1, that it will acquire Energy Harbor for $3 billion in cash, a 15% ownership interest in a newly-formed subsidiary called Vistra Vision, and the assumption of $431 million of Energy Harbor's tax-exempt bonds, the agency said.
The deal is subject to shareholder and regulatory approvals and is expected to close in the second half of 2023.
Moody's said it will finish the review when the pending transaction closes.
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