Moody’s ups Terraform Power, debt

Moody's Investors Service said it upgraded Terraform Power Operating LLC's (TPO) corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and senior unsecured rating to B1 from B2.

The Ba1 senior secured rating was affirmed and the speculative grade liquidity rating is unchanged at SGL-2.

The outlook is stable.

Moody’s said the action was prompted by the completion of Terraform Power’s acquisition of 95% of the shares of Saeta Yield, SA (unrated), and the expectation that the remaining 5% of the shares will be acquired by July 3.

"The Saeta transaction increases TERP's scale and geographic diversity," Moody's vice president, senior analyst Natividad Martel said in a news release.

"We also note that TPO used the $650 million proceeds from its parent company's recent private equity placement to fund nearly 60% of the $1.12 billion purchase price."

S&P upgrades Edison

S&P said it raised its long- and short-term issuer credit ratings on Edison SpA to BBB-/A-3 from BB+/B.

The outlook is stable.

The agency said the upgrade reflects Edison's solid operating performance in 2017 and resulting improved financial strength.

“We also view favorably management's strategic focus on long-term contracted renewables generation and on downstream operations,” S&P said in a news release.

“The recent acquisition of Gas Natural's Italian retail assets and the shortly expected acquisition of the energy services company Zephyro highlight the ongoing execution of its downstream strategic move.”

DBRS confirms ING Bank, ING Group

DBRS said it confirmed the long-term issuer rating of ING Bank NV at AA (low) as well as the A (high) long-term issuer rating of ING Group NV.

Concurrently, the short-term issuer ratings for ING Bank and ING Group were confirmed at R-1 (middle).

ING Bank’s long- and short-term critical obligation ratings were confirmed at AA (high) and R-1 (high).

The trend remains stable.

The bank’s intrinsic assessment was maintained at AA (low), and the support assessment was maintained at SA3.

The agency said the confirmation reflects the leading retail and commercial franchise in the Benelux region, consistent performance achieved by the group in recent years, illustrated by its strong resilient earnings generation and capital position, good asset quality, and strengthened funding profile.

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