Moody’s rates NRG Yield CFR & notes Ba1

Moody's Investors Service said it assigned a Ba1 corporate family rating, a Ba1-PD probability of default rating and a SGL-1 speculative grade liquidity rating to NRG Yield, Inc. (NYLD), a subsidiary of NRG Energy, Inc. (NRG, Ba3 stable).

Concurrently, the agency assigned a Ba1 rating to NRG Yield’s proposed $400 million of senior unsecured notes.

The outlook is stable.

"NYLD's Ba1 Corporate Family Rating is supported by the stable long term cash flow of its power project portfolio, counterbalanced by high debt leverage," Moody's vice president and senior analyst Toby Shea said in a news release. "Although the YieldCo business model is relatively new and untested, NRG is a strong sponsor and well positioned to take on this challenge."

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