S&P rates WindMW notes BBB-

Standard & Poor’s said it assigned a preliminary BBB- rating to WindMW GmbH’s about €420 million euro-denominated issuance due 2021 and $580 million dollar-denominated issuance due 2027.

The outlook is stable.

The preliminary project rating of BBB- reflects the operations phase of this recently built wind farm, S&P said.

The operations phase stand-alone credit profile is BBB-, the agency added.

The project’s ability to earn its contractual revenues hinges on maintaining consistently high availability, S&P said.

WindMW has established an operating plan with Siemens, which also provides the turbines and offers an availability guarantee, that entails certain operational redundancies to offset the risks associated with the plant’s remoteness and relative inaccessibility, the agency said.

While the higher operating costs and major maintenance needs weigh on debt service coverage ratios somewhat, they do support a base-case assumption of 95% availability and 84% efficiency, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.