Fitch rates Brookfield WEC loan B+

Fitch Ratings said it rated Brookfield WEC Holdings Inc.’s new $550 million senior secured term loan B+/RR3, in line with the existing senior secured revolving credit facility and term loan. Concurrently, the agency affirmed the issuer’s other rating.

Brookfield WEC will use the proceeds to help buy BHI Energy for around $720 million.

“Although Fitch expects debt/EBITDA to rise to about 4.4x in 2023, Fitch continues to expect leverage to improve into the low-4x range thereafter. Fitch expects EBITDA interest coverage to remain at or above 4x,” the agency said in a press release.

The outlook is positive.

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