S&P gives Constellation Energy notes BBB

S&P said it gave its BBB issue-level rating to Constellation Energy Generation LLC's planned $1.25 billion of senior unsecured notes, which the company will issue in two tranches maturing 2028 and 2033, respectively.

The BBB rating is the same as S&P’s ratings on Constellation’s outstanding senior unsecured notes.

Constellation intends to use the proceeds primarily to repay its commercial paper or the outstanding amounts on its accounts receivable securitization facility.

“Therefore, we view the transaction as leverage neutral,” S&P said in a press release.

The outlook is positive.

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