Moody’s changes Exeltium view to positive

Moody's Investors Service said it changed the outlook to positive from stable on the Baa3 senior secured debt ratings on Exeltium SAS.

Concurrently, Moody's has affirmed the Baa3 ratings.

“Today's rating action reflects (1) stable debt service coverage ratios of 1.69x from 2018 to 2020 and an expectation that DSCRs will remain at 1.6x or higher in our base case; and (2) a significant increase in French wholesale electricity prices since 2019 with current prices around 70/MWh, which reduces the risk of client opt-outs for the next contract period (2025-29) if prices remain at an elevated level,” Moody’s said in a news release.

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