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S&P assigns Drax CCR BB, debt BB+, hybrid B
Standard & Poor's said it affirmed its BB long-term corporate credit rating and BB+ senior secured issue ratings on Drax Power Ltd.
The agency also assigned its BB rating to Drax Group plc, the holding company that owns Drax Power.
The outlook on both ratings is stable.
In addition, S&P assigned its B long-term issue rating to the company's proposed long-dated, optionally deferrable and subordinated hybrid capital securities to be issued by Drax Group. The amount of the transaction remains subject to market conditions.
The BB rating on Drax Group is in line with the agency’s group rating methodology. The rating is at the same level as the group credit profile of the consolidated Drax group, which S&P determines based on the business risk profile of the operating subsidiary Drax Power and the credit metrics of the group at the level of Drax Group.
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