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Moody's raises LMBE-MC rating
Moody's Investors Service said it upgraded LMBE-MC Holdco II, LLC's senior secured credit facilities to Ba3 from B1.
This action concludes the review for possible upgrade that was started on April 26. stable. The agency said it assigned a stable outlook.
“The rating action is driven by the improved credit quality of Talen Energy Supply, LLC's (Talen: B1 corporate family rating), LMBE-MC Holdco's indirect owner, who emerged from bankruptcy protection in May 2023 with a restructured capital structure.
“The rating action also considers the approximate $60 million reduction in LMBE-MC Holdco term loan debt over the past 15 months. This debt reduction, which represents a 13% debt repayment from the original face amount, reflects the project's strong cash flow generation during this time frame and structural features within LMBE-MC Holdco's financing documents that restrict distributions to the parent, enabling excess cash flow to be used for debt reduction,” Moody’s said in a press release.
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