S&P upgrades Vistra

S&P said it raised its issuer rating on Vistra Corp. and its subsidiary Vistra Operations LLC’s senior unsecured debt to BB+ from BB. The 1 recovery rating on the company's senior secured debt and the 3 recovery rating on its senior unsecured debt remain unchanged.

“The upgrade is primarily due to an improvement in the company's financial ratios. We continue to assess Vistra's business risk profile as fair and its financial risk as significant. We are raising our rating on the company due to our application of a positive one-notch comparable rating analysis adjustment, which reflects that we view its free operating cash flow (FOCF)-to-debt (i.e. cash flow generation after capital spending) ratio as being in our intermediate financial risk range and stronger than those of its BB-rated peers,” S&P said in a press release.

The outlook is positive.

© 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.