Fitch upgrades Vistra

Fitch Ratings said it upgraded the long-term issuer default rating of Vistra Energy Corp. and its indirect subsidiary, Vistra Operations Co., LLC to BB+ from BB. Fitch also upgraded the ratings of the senior unsecured notes at Vistra Operations by one notch to BB+/RR4 from BB/RR4.

Also, Fitch affirmed the BBB-/RR1 rating of Vistra Operations' first-lien senior secured debt. The RR1 recovery rating denotes superior recovery, and RR4 denotes average recovery in the event of default.

“The rating upgrade reflects management's continued execution to improve its business and financial risk profile. The recently completed retail acquisitions have further strengthened Vistra's integrated business model, significantly improving generation load match. The integrated model is delivering relatively stable levels of EBITDA and strong FCF, including in an adverse power price environment such as the one in 2020,” Fitch said in a press release.

The outlook remains positive.

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