Moody's rates Vistra notes Ba1

Moody's Investors Service said it affirmed all of the ratings of Vistra Energy Corp. and Vistra Operations Co. LLC, including Vistra's Ba2 corporate family rating.

The agency also assigned a senior secured rating of Ba1 (LGD 3) to Vistra Opertions' $1 billion of senior secured notes due 2024 and 2029.

The notes are ranked pari passu with Vistra Operations' senior secured term loans, which also are rated Ba1.

Vistra's credit fundamentals reflect that of a large independent power producer in the United States, Moody's said.

The company's business activities have a high degree of business risk given their sensitivity to commodity price movements, the agency said.

The high business risk activities are tempered by a large fleet of high-efficiency gas-fired power plants, as well as the strong market position of its retail operations in the ERCOT market, Moody's said.

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