Moody’s lifts InterGen debt

Moody's Investors Service said it upgraded the senior secured debt rating of InterGen NV to Ba3 from B1.

The outlook is stable.

“The upgrade to Ba3 from B1 reflects the significantly deleveraged credit profile of the issuer following the paydown of existing debt from the proceeds of the sale of InterGen's Mexican assets,” the agency said in a news release.

“InterGen's rating also benefits from a diverse portfolio of assets located in established markets in two different countries and the existence of some contracted cash flows for the next several years given the remaining tolling contract at one of the U.K. assets, Spalding Station, which continues until 2021, as well as known forward capacity mechanism payments for all the U.K. assets.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.