Moody’s ups Melton Renewable to stable

Moody's Investors Service said it changed the outlook on Melton Renewable Energy UK plc to stable from negative.

Concurrently, the agency affirmed Melton's Ba3 corporate family rating, Ba2-PD probability of default rating and the Ba3 rating on the £152 million of outstanding senior secured notes due 2020.

"The stable outlook reflects (1) the recent rebound in wholesale power prices which will improve operating cash flows; (2) Moody's expectation that wholesale power prices will remain at or slightly below current levels over the next five years; (3) the reduced refinancing risk of the senior secured notes following the debt repayment in June 2016; and (4) continued strong operational performance," Phil Cope, Moody’s analyst and lead analyst for Melton, said in a news release.

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