Moody’s upgrades Enviva Partners

Moody’s Investors Service said it upgraded Enviva Partners, LP’s corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD. Moody’s also upgraded the senior unsecured rating to B1 from B2. The speculative grade liquidity rating (SGL-3) remains unchanged.

“The upgrade reflects Enviva’s improved revenue and EBITDA generation visibility, an increased backlog of long-term take-or-pay contracts with stronger, more diversified counterparties as well as our outlook for a continued favorable regulatory environment in Europe and Asia over the rating horizon,” said Domenick R. Fumai, a Moody’s vice president and lead analyst, in a press release.

The outlook is stable.

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