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Moody’s rates APLP loans Ba3
Moody's Investors Service said it assigned a Ba3 rating to APLP Holdings LP’s new $700 million senior secured term loan due 2023 and $210 million senior secured revolving credit facility.
The new term loan will refinance and consolidate an existing term loan at Atlantic Power LP (APLP), which has a $473 million balance outstanding, and about $187 million of convertible debt at the Atlantic Power Corp. parent holding company.
APLP is being consolidated into APLP Holdings.
The agency also affirmed Atlantic Power Corp.’s B1 corporate family rating.
The outlook was revised to positive from stable based on the company's improving credit metrics as a result of reductions in operating costs, debt burden and dividend cuts.
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