Moody’s assigns RJS Power notes B1

Moody's Investors Service said it assigned a rating of B1 to RJS Power Holdings LLC's planned $1.25 billion five-year senior unsecured notes.

The outlook is positive.

Proceeds will be primarily used to refinance a similar amount of secured project finance debt at three indirect owners of certain electric generating companies, Raven Power Finance LLC (B1 stable), Topaz Power Holdings, LLC (B1 negative) and Sapphire Power Finance LLC (B1 negative), all of which are subsidiaries of companies owned indirectly by affiliates of Riverstone Holdings LLC and management, and which are managed by Topaz Power Management, LP.

The positive outlook reflects the potential for upward movement in the rating in the event that Riverstone's announced combination with PPL Energy Supply, LLC (Ba1 negative) into a new company to be called Talen Energy Corp. closes as anticipated.

Moody’s said the B1 rating is reflective of the financial performance, prospects and diversity of the RJS merchant generating portfolio which we expect will provide a basis for more stable operating and cash flow performance than that historically observed for the individual portfolio companies.

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