S&P gives BB- to Granite Generation loan

S&P said it assigned its B+ issuer credit rating to Granite Generation, LLC and assigned a BB- issue-level and 2 recovery ratings to the company's proposed $1.4 billion senior secured term loan B.

The outlook is stable.

“Our B+ issuer credit rating on Granite Generation, LLC reflects our assessment of the company's limited scale and market diversity relative to the peers in the U.S. unregulated power industry (that limit our view of its business risk profile) and an aggressive financial risk profile, with our forecast of adjusted debt to EBITDA trending from 4.6x-4.7x to the 4.2x area over the next two years and trending downward in 2022 below 4x,” S&P said in a news release.

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