Moody's ups Constellation Renewables view to positive

Moody's Investors Service said it affirmed Constellation Renewables, LLC's Ba3 rating on its senior secured term loan and changed the outlook to positive from stable.

“CR's Ba3 rating affirmation and change in outlook to positive from stable reflects the borrower's steady financial performance with debt reduction generally around the original Moody's Case. As of the last 12 months ending September 2022, CR had consolidated project CFO to debt of 7.6%, debt service coverage ratio of 1.43x and holding company level debt of around $692 million, which is right around the original Moody's case expectations,” the agency said in a press release.

“The positive outlook for CR also considers the improved credit profile of Pacific Gas & Electric Co. (PG&E), a subsidiary of PG&E Corp. (Ba2 corporate family rating: positive), whose ratings were affirmed, and outlook revised to positive from stable on Feb. 8, 2023. PG&E is the sole off taker for the AV Solar Ranch 1, LLC (AVSR) project that provides around half of CR's total dividends and represents nearly all of CR's distributions from contracted cash flows after 2032,” Moody’s noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.