Fitch ups GridLiance West

Fitch said it upgraded the GridLiance West LLC’s issuer default rating to A from A- following the close of the previously announced acquisition by NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc., concurrent with the payoff of GridLiance Western Holdings debt.

Fitch removed the rating watch positive from both GridLiance Western Holdings and GridLiance West and assigned GridLiance West a stable outlook. The agency also withdrew GridLiance Western’s ratings.

Fitch also affirmed GridLiance High Plains LLC’s IDR A with a stable outlook.

“The ratings of GridLiance West and GridLiance High Plains reflect the stable and predictable nature of their cash flows stemming from annual updates to Federal Energy Regulatory Commission (FERC) formula-based rates, strong credit metrics and the low risk of their transmission businesses,” the agency said in a press release.

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