Moody's rates SPI Electricity notes A3

Moody's Investors Service said it assigned a prospective A3 long-term senior unsecured rating to the $1.5 billion medium term note program and the A$2 billion MTN program to be established by SPI Electricity & Gas Australia Holdings Pty. Ltd. The outlook is stable.

Moody's said SPI Electricity's fundamental credit profile reflects the stable and predictable nature of its gas and electricity network activities, which contribute to more than 60% of total EBITDA, and its energy business, which accounts for the rest.

SPI Electricity has a portfolio of assets, which allows for effective hedging against the volatility evident in wholesale electricity prices, according to Moody's.

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