S&P rates NextEra Energy notes BB

S&P said it affirmed its BB corporate credit rating on NextEra Energy Partners LP. The outlook is stable.

At the same time, S&P assigned a BB issue-level ratings to NextEra Energy Operating Partners LP's $1.1 billion senior unsecured notes due 2024 and 2027. The recovery rating on the unsecured notes is 3, indicating an expectation for meaningful (50%-70%, rounded estimate: 65%) recovery in a hypothetical default.

“The stable outlook reflects our expectation that NEP's portfolio of generation facilities will continue to operate under long-term contracts with mostly investment-grade counterparties and generate fairly predictable cash flows to support its holding-company debt obligations,” S&P said in a news release.

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