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S&P affirms Drax
S&P said it affirmed its BB+ long-term corporate credit ratings on Drax Power Ltd. and Drax Group Holdings Ltd.
The outlook is stable.
The agency also affirmed the BB+ rating on the senior secured notes issued by Drax Finco plc. The recovery rating on the proposed debt is 4, indicating an expectation of recovery prospects of around 40% in the event of a payment default.
S&P affirmed the BBB- rating on the super senior revolving credit facility raised by Drax Corporate Ltd. with a recovery rating of 1, reflecting a recovery expectation of around 95%.
“The affirmation follows Drax's satisfactory refinancing of its existing debt with £550 million notes due 2022 and the renegotiation of a new £350 million super senior RCF, due 2022. In our view, this strengthens Drax's liquidity and extends the maturity profile of its debt,” the agency said in a news release.
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