Moody’s changes Viridian view to stable

Moody’s Investors Service said it changed the outlook on Viridian Group's ratings to stable from negative.

Concurrently, the agency affirmed the B1 long-term corporate family rating and B1-PD probability of default rating of the restricted group of companies owned by Viridian Group Investments Ltd., the B1 (LGD4) rating on the senior secured notes issued by Viridian Group FinanceCo plc and Viridian Power and Energy Holdings DAC and the Ba1 (LGD1) rating on Viridian Group Ltd.'s £225 million backed super senior secured revolving credit facility.

“The outlook change to stable from negative on of Viridian's ratings reflects that the company has entered into medium-term local reserve system agreements (LRSAs) for its thermal generation plants from the start of the new Integrated Single Electricity Market (I-SEM), which went live (ultimately) on Oct. 1, thus removing the uncertainty surrounding the future of these plants,” the agency said in a news release.

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