Moody’s rates Talen loan B1

Moody's Investors Service said it assigned a B1 rating to Talen Energy Supply LLC’s new $848 million first-lien commodity accordion credit facility due September 2024 and lowered its senior unsecured guaranteed debt to Caa2 from Caa1.

"The downgrade of Talen's senior unsecured debt is driven by an increase in the amount of first-priority debt in the capital structure in relation to the remaining unsecured debt," stated Edna Marinelarena, a Moody's assistant vice president, in a press release.

Concurrently, Moody’s affirmed Talen’s corporate family rating at B3, its probability of default rating at B3-PD and its senior secured rating at B1. The speculative grade liquidity rating remains unchanged at SGL-3.

The outlook is negative.

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