Moody's assigns Baa3 to Hannon Armstrong

Moody's Investors Service said it gave a first-time Baa3 backed long-term issuer rating to Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) and a Baa3 senior unsecured rating to its wholly-owned indirect subsidiary HAT Holdings I LLC (HAT I), which is a co-issuer of HASI's senior unsecured notes along with HAT Holdings II LLC, another HASI wholly-owned indirect subsidiary. The issuer outlooks for HASI and HAT I are stable.

“HASI's Baa3 ratings reflect the firm's solid track record investing in various energy efficiency, renewable energy and other sustainable infrastructure projects. The firm has exhibited solid profitability, modest leverage and a strong unsecured funding profile that would provide it with ample sources of alternative funding and liquidity in a time of stress. Credit challenges include the potential effects on asset quality from its niche business focus, investment in subordinate investment classes, and certain concentrations,” Moody’s said in a press release.

The stable outlooks reflect the expectation that HASI will continue reporting strong earnings and maintain healthy liquidity and capitalization, the agency said.

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