Fitch changes Topaz view

Fitch Ratings said it affirmed Topaz Solar Farms, LLC's $679 million senior secured notes due September 2039 at BB+ and revised the outlook to positive from stable.

The agency said the actions reflect the ones taken on Pacific Gas and Electric (PG&E).

“Topaz's rating continues to be constrained by the credit quality of PG&E, the project's sole revenue counterparty under a long-term power purchase agreement,” Fitch said in a news release.

“The project's credit profile is otherwise strong, supported by its fully contracted revenue structure, low operating risk, standard project finance debt structure, and a history of strong financial performance that Fitch expects to continue.”

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