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Fitch assigns Pattern Energy BB-
Fitch Ratings said it assigned a first-time issuer default rating of BB- for Pattern Energy Operations LP (PEGO). Fitch also gave a BB-/RR4 senior unsecured rating to the company’s $700 million of senior unsecured notes.
“PEGO's rating is supported by the long-term contracted cash flows from a diversified portfolio of wind projects and the projected holdco-only FFO leverage around 4x. PEGO's 100% wind capacity is a key weakness. The rating also considers risks associated with hedges in Texas. Private ownership eliminated distribution targets and allows PEGO to focus on operations. However, private ownership lacks transparency,” the agency said in a press release.
About 95% of the company’s wind projects’ power generation is contracted, but the agency noted wind resources are volatile.
The outlook is stable.
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