Fitch affirms FPL Energy National Wind

Fitch Ratings said it affirmed the $365 million senior secured debt due 2024 of FPL Energy National Wind, LLC (the operating company) at BBB and the $100 million senior secured debt due 2019 of FPL Energy National Wind Portfolio, LLC (the holding company) at BB.

The outlook is stable for the operating company and negative for the holding company.

The agency said the negative outlook for the holding company reflects its particular vulnerability to low wind resource scenarios due to its reliance on cash flow from the operating company and its diminished level of financial cushion for the rating category. This is further amplified in light of the expected reduction in the debt service reserve from one year to six months, Fitch said, which will significantly reduce liquidity available to both classes of debt in the event of further poor performance.

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