Moody's assigns B1 to Sunnova notes

Moody's Investors Service said it assigned a B1 rating to Sunnova Energy Corp.'s new $400 million of senior unsecured notes due 2028.

Sunnova's other ratings, including the B3 corporate family rating of Sunnova Energy International Inc., are unchanged, the agency said.

"This new debt does not affect Sunnova Energy International's corporate family rating, as Moody's expects the organization's consolidated debt burden to be roughly the same after the issuance," said Toby Shea, a Moody’s vice president and senior credit officer, in a press release.

"Sunnova's senior unsecured notes are rated two notches higher than Sunnova Energy International's B3 corporate family rating because they are ranked superior to the $1.175 billion of convertible notes within the capital structure of the Sunnova Energy International family of companies," Shea added.

The proceeds, Moody’s said, will reduce the need for Sunnova to issue non-investment grade rated asset-backed securities.

The outlooks of Sunnova and Sunnova Energy International are stable.

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