Moody's rates GWF Energy loans Ba2

Moody's Investors Service said it assigned a Ba2 rating to GWF Energy Holdings LLC's $202.9 million senior secured credit facility.

The facility consists of an approximate $173.5 million term loan B maturing in December 2018, a $24.4 million letter of credit facility and a $5 million revolving credit facility.

The outlook is stable.

"The assigned Ba2 rating reflects highly predictable cash flows from well-structured tolling arrangements with an investment grade off-taker with virtually no fuel-supply risk and a pass-through of greenhouse gas costs balanced against substantial leverage and ongoing structural subordination from a material level of amortizing operating company debt," Moody's analyst Charles Berckmann said in a news release.

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