DBRS removes Kingston Solar from watch

DBRS said it removed the BBB ratings on Kingston Solar LP (ProjectCo) , its 3.571% series 1A-2016 senior secured notes and its 3.571% series 1B-2016 senior secured notes from under review with negative implications where they were placed on Jan. 7.

The agency placed the ratings under review in December after a shutdown, which qualified as an insurable event. “The total amount and the timing of the insurance payments are still unclear, although ProjectCo has received some interim payment as of April 13, 2022.”

DBRS noted the project’s steady operation without any outage after the site was re-energized on Feb. 1 and that all the unplanned outages since 2019 that have affected Kingston were one-time events, with no connection with one another.

The trend is stable.

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