Moody’s rates MRP Gen loan B2, revolver B1

Moody’s Investors Service said it assigned a B2 rating to MRP Generation Holdings LLC’s (MRP Gen) $310 million senior secured term loan B due in 2022 and B1 rating to its $30 million super senior revolving credit facility due in 2021.

The outlook is stable.

The proceeds, along with cash from the current liquidity reserve and a cash collateralized letter of credit facility, will be used to refinance the existing $410 million of debt at the borrower level, Moody’s said.

The ratings consider an expectation for completed refinancing, but also reflect the same fundamental credit profile that currently exists at MRP Generation, the agency said.

The rating assigned to the new loan recognizes the benefits of the debt reduction and a belief that financial results will not change appreciably from historical results due to weak wholesale pricing, particularly in California, Moody’s added.

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