Moody's boosts ACWA Power

Moody's Investors Service said it upgraded to Baa3 from Ba1 the rating on the $814 million of 5.95% fixed-rate amortizing senior secured bonds due in December 2039 issued by ACWA Power Management and Investments One Ltd. (APMI One). Concurrently, the outlook has been changed to stable from positive.

“Today's rating action follows a period of stability in the underlying project portfolio following (1) a partial buyback, by the issuer, of $401 million (on an unamortized basis) of the bonds in December 2022, which reduced leverage at APMI One by around 49%; and (2) a number of changes to the underlying project companies during the course of H1 2022, which Moody's viewed as credit negative,” Moody’s said in a press release.

The outlook reflects the view that power and water availability metrics at the project companies will stay above 90%, and there will be no material changes to the contractual arrangements or financial structures of the underlying project companies and/or at APMI One that would hurt the interests of the issuer’s senior lenders, Moody’s said.

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