Moody's upgrades Longview Power loan

Moody's Investors Service said it upgraded Longview Power, LLC's $40 million senior secured term loan (exit facility) due July 2025 to B3 from Caa1.

“Today's rating action reflects Longview's overall improving credit profile due to improving wholesale power prices in PJM Interconnection, LLC (PJM, Aa2 stable), which has considerably improved Longview's cash flows since the second half of 2021 and reflects Moody's expectation that Longview will likely continue to benefit from higher power prices in 2022 and 2023 based on the current forwards.

“These favorable market conditions have improved the project's liquidity and overall financial flexibility which should enable it to repay its existing term loan sooner than previously anticipated,” the agency said in a press release.

Longview's outlook is stable.

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