Moody's lifts Rhode Island State to stable view

Moody's Investors Service said it affirmed the Ba3 rating on Rhode Island State Energy Center, LP's senior secured credit facilities and revised the outlook to stable from negative.

The company has a $300 million term loan B due 2022 and $50 million revolving facility due 2020.

The ratings are driven by increased cash flow visibility over the remaining life of the term loan, Moody's said.

Dislocation in the New England capacity markets is likely to continue through 2019 and pricing will remain volatile until a market balance, the agency said.

Moody's said it expects the company to achieve metrics consistent with a Ba rating category in 2018 and 2019.

The stable outlook considers an expectation for Rhode Island State Energy to achieve significant de-leveraging over the next several years, the agency added.

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