Fitch rates WindMW notes BBB-, BBB

Fitch Ratings said it assigned WindMW GmbH's €539 million senior secured long-dated notes due June 2027 an expected rating of BBB-(EXP) and €425 million senior secured short-dated due in December 2021 an expected rating of BBB(EXP).

The outlooks are stable.

Fitch said the ratings are supported by a favorable regulatory environment under the German Renewable Energy Act with regulated pricing until 2027, sound management strategy, and sufficient financial cushion with average debt service coverage ratio (DSCR) of 1.4 times under Fitch's rating case.

The short notes benefit from full amortization in six years with stronger coverage, supporting the one-notch difference between the ratings. The long notes begin amortizing in year seven with lower coverage and refinancing risk under merchant conditions. The long notes will be issued in both dollar-denominated and euro-denominated tranches.

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