Moody's assigns Thermal North America loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to Thermal North America, Inc.'s proposed $312 million senior secured credit facilities, consisting of a $247 million term loan facility due 2013, a $30 million synthetic letter of credit facility due 2013 and a $35 million revolving credit facility due 2011.

The outlook is stable.

Moody's said the Ba3 rating considers the relatively stable and predictable cash flow stream that is expected to be generated by Thermal's diverse portfolio.

The Ba3 rating is tempered by Thermal's relatively leveraged debt profile, the agency said, noting pro forma debt of about $295 million includes $18 million of non-recourse debt.

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