Moody’s assigns Baa3 to WindMW bonds

Moody's Investors Service said it assigned a senior secured provisional Baa3 rating to roughly €960 million of project bonds, maturing 2021 and 2027, to be issued by WindMW GmbH.

Proceeds will be used to refinance existing bank loans and pay associated swap breakage fees and other transaction commissions and expenses.

The outlook is stable.

"WindMW is Moody's first public rating of an offshore windfarm and sets an important precedent for this developing asset class," Moody's vice president and senior analyst Christopher Bredholt said in a news release.

"The Meerwind project benefits from long term support under the stable German regulatory regime and incorporates a number of features which, when combined with the project's strong debt service coverage ratios, mitigate the risks of the single asset's offshore environment."

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