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S&P trims Talen Energy Supply
S&P said it trimmed Talen Energy Supply LLC’s issuer rating to B- from B, its senior secured debt to B+ from BB- and its senior unsecured debt to CCC from CCC+.
“The downgrade reflects our expectation that Talen's leverage will remain elevated above 8x through 2023, partially driven by winter storm Uri in 2021, lower cleared capacity prices for 2022 and 2023, and out of the money hedges. Talen also had lower-than-anticipated EBITDA and FOCF generation in 2020 with S&P Global Ratings-adjusted leverage north of 11x compared with our forecast of 8x-8.5x,” S&P said in a press release.
The agency said it forecasts S&P recourse-only adjusted EBITDA of about $450 million in 2021, improving to about $500 million for 2022 and 2023.
The outlook is stable.
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