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Moody's upgrades Energia
Moody's Investors Service said it raised the long-term corporate family rating of Energia Group Ltd. to Ba3 from B1 and the probability of default rating to Ba3-PD from B1-PD,
Concurrently, the agency boosted the ratings of Energia Group NI FinanceCo plc's senior secured notes jointly issued by Energia Group RoI Holdings DAC to Ba3 from B1 and the rating of Energia Group NI Holdings Ltd.'s £225 million backed super senior secured revolving credit facility to Baa3 from Ba1. T
The agency also changed the outlook for the companies to stable from positive.
“The rating action reflects Energia's resilient earnings in 2020-21 and Moody's expectation that the company's ratio of funds from operations (FFO) to debt will remain above 12%, even as capital investment reaccelerates,” the agency said in a press release.
The revised outlook reflects the forecast that FFO/debt will remain above 12%, on an underlying basis. FFO/debt was 17.4% in 2020-21 (about 14% excluding over-recoveries), compared to 11.5% in 2019-20, Moody’s said.
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