Moody's affirms Race Point loan

Moody's Investors Service said it affirmed the Ba2 rating to the revised $275 million senior secured term loan due 2017 for Race Point Power.

The amount of the senior secured term loan has been reduced to $275 million from $370 million, but the rating remains the same, Moody's said.

Moody's said it originally assigned the Ba2 rating to the $370 million senior secured term loan in November.

The outlook remains stable.

The rating reflects the diversity of a portfolio of eight power projects in the United States and Spain, the agency said, and the largely contracted nature of the portfolio, which provides stable cash flows.

The ratings also consider the company's high consolidated leverage, which includes project-level debt associated with the underlying project assets and regulatory risks, Moody's said.

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