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Moody’s revises Viridian to positive
Moody's Investors Service said it changed the outlook on all of Viridian Group's ratings to positive from stable.
Concurrently, the agency affirmed: (a) The B2 (LGD4) rating of the senior secured notes due 2020 issued by Viridian Group FundCo II Ltd.; (b) the B1 corporate family rating and B1-PD probability of default rating of the restricted group of companies owned by Viridian Group Investments Ltd.; and (c) the Ba1 (LGD1) rating of Viridian Group Ltd. £225 million backed super senior secured revolving credit facility.
Moody’s said the positive outlook reflects: (a) An improvement in the group's business risk profile primarily stemming from the build out of its wind generation portfolio which will add stable cash flows; and (b) Moody's expectation that the consolidated group's leverage, expressed as debt/EBITDA, will decrease to around 6 times by 2017/18 as cash flows are boosted by the newly operational renewable assets.
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