Moody's assigns Quanta notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Quanta Services, Inc.'s proposed $1 billion of senior notes due in 2030. The notes will be issued from Quanta's shelf registration which was assigned a provisional senior unsecured rating of (P)Baa3 on Sept. 14.

“Quanta Services' Baa3 senior unsecured rating is supported by its large scale, good end market and customer diversity, mostly blue-chip customer base, good track record of completing projects within anticipated time frames and budgets, highly trained workforce and favorable dynamics in its key electric power end market. It also reflects its relatively conservative financial policies, consistent free cash flow and excellent liquidity profile,” Moody’s said in a press release.

The proceeds will be used to repay term loan A borrowings.

The outlook is stable.

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