Moody's ups International Power

Moody's Investors Service said it upgraded the issuer and debt ratings of International Power plc to Baa3 from Ba3, thereby concluding the review that was initiated on Aug. 10.

The outlook is stable.

Moody's said it also upgraded the rating of the €250 million of senior bonds due 2017 to Baa3 from Ba3.

The upgrades were triggered by the recent completion of GDF SUEZ's (A1) acquisition of International Power, Moody's said.

The ratings consider the improved consolidated financial metrics, the strategic fit between GDF SUEZ Energy International and International Power's businesses, the company's increased size, a more efficient capital structure, a stronger contractual position, higher diversification and implicit parental support from GDF SUEZ, Moody's said.

© 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.