Fitch lowers GridLiance West

Fitch Ratings said it downgraded GridLiance West, LLC's long-term issuer default rating to A- from A.

“The downgrade is precipitated by the issuance of permanent debt of $1.1 billion at Nextera Energy Transmission Holdings, LLC (NETH; not rated), which is a sub-holding company under NextEra Energy Inc. (NextEra; A-/stable). Fitch now considers NETH to be the parent of GridLiance West whereas previously it considered NextEra to be the parent. As a result, under Fitch's parent and subsidiary linkage rating criteria, GridLiance West's rating is constrained by NETH which Fitch considers to be lower quality than NextEra,” the agency said in a press release.

The outlook is stable.

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