Moody's rates ExGen loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to ExGen Renewables I, LLC's $300 million first-lien term loan.

Concurrently, the agency affirmed Continental Wind, LLC's Baa3 senior secured rating.

The outlook is stable for both entities.

Proceeds from the debt offering will be used to pay a dividend to its owner and pay for transaction costs resulting in an estimated consolidated debt to total capitalization of around 78% using book equity as of Sept. 30.

Moody's said ExGen Ba3 rating reflects indirect ownership of Continental Wind, which benefits from long-term off-take agreements with mostly creditworthy entities, long-term O&M agreements, and wind resource diversity with three strongly distinct wind regimes (five total).

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