Moody's boosts BEP Ulterra

Moody's Investors Service said it upgraded BEP Ulterra Holdings, Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD, and senior secured term loan rating to B2 from B3.

"The upgrade reflects an accelerated pace of recovery in 2022 and Moody's expectation that Ulterra will deliver strong earnings, lower leverage and strong free cash flow, with positive momentum going into 2023," said Elena Nadtotchi, a Moody's senior vice president, in a press release.

The agency said it forecasts Ulterra’s leverage to decrease with debt/EBITDA falling below 2.5x in 2022, compared to 6.1x in 2021.

The outlook remains stable.

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