Moody’s affirms Panoche

Moody's Investors Service said it affirmed the Baa3 rating on Panoche Energy Center, LLC's senior secured bonds due 2029.

The outlook remains negative.

Moody’s said the Panoche's Baa3 senior secured bond rating reflects stable cash flows generated pursuant to a 20-year PPA with Pacific Gas & Electric Co. (A3 negative) and the importance of the project in both meeting the utility's peak energy needs and supporting the system's increasing intermittency challenges from an increasing renewable base in California.

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