Moody's eyes Renewable Energy for lift

Moody's Investors Service said it placed Renewable Energy Group, Inc.’s ratings on review for upgrade, including the B2 rating on its senior secured notes.

The review follows the report that Chevron Corp. and the company agreed that Chevron will buy Renewable Energy in an all-cash transaction valued at $3.15 billion. The deal, which has been approved by both companies’ boards of directors, is subject to REG's shareholder approval and regulatory reviews. It is expected to close in the second half of 2022.

"The potential ownership by Chevron is a positive for Renewable Energy given Chevron's much stronger credit profile," stated James Wilkins, a Moody's vice president and senior analyst, in a press release.

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