Fitch to rate Hannon Armstrong notes BB+

Fitch Ratings said it assigned a long-term issuer default rating of BB+ to HAT Holdings I LLC and HAT Holdings II LLC, which are indirect subsidiaries of Hannon Armstrong Sustainable Infrastructure Capital (B+/stable).

The outlook is stable.

Fitch said it expects to assign a rating of BB+ to the $300 million of five-year notes issued jointly by HAT Holdings I and II. The notes will be guaranteed by Hannon Armstrong.

Proceeds from the proposed issuance are expected to be used to repay a portion of the debt outstanding under the credit facility to acquire or refinance eligible green projects and for general corporate purposes.

“The ratings assigned to HAT Holdings I LLC and HAT Holdings II LLC are equalized with that of parent, reflecting the HASI guarantee, which is required to remain in place so long as the notes are outstanding,” the agency said in a news release.

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