Moody’s ups Alinta, facility to Ba3

Moody's Investors Service said it upgraded Alinta Energy Finance Pty Ltd.'s senior secured bank credit facility rating and Alinta Holdings' corporate family rating to Ba3 from B1.

The outlook is positive.

Alinta Energy is a fully owned subsidiary and funding vehicle for Alinta, and its rated debt obligations are guaranteed by the parent.

"The ratings upgrade reflects our expectation that Alinta will continue to exhibit financial metrics consistent with a Ba3 rating over the next 2-3 years, underpinned by the improved operating performance of its assets," Moody's vice president and senior analyst Spencer Ng said in a news release.

Ng added that "the upgrade recognizes the improved visibility of Alinta's future operating cash flows following its extension of key offtake contracts, as well as the structural separation of Flinders from Alinta. As a result, we understand that Alinta will be ringfenced from future liabilities associated with the decommissioned power station."

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