S&P lifts TerraForm Private, debt

S&P said today it raised the issuer credit rating on TerraForm Private LLC to B from B- and removed the rating from CreditWatch, where it was placed with positive implications on Feb. 3, 2017.

The outlook is stable.

The agency also upgraded the issue-level rating on the company's secured debt to BB- from B and revised the recovery rating to 1 from 2, reflecting an expectation of very high (90%-100%: rounded estimate: 90%) in the event of default.

S&P said the stable outlook reflects its expectation of strong operating performance and one year P90 wind resources; the agency anticipates that leverage will remain squarely in the highly leveraged category but that the project will retain substantial liquidity.

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