Moody’s alters Energia view to positive

Moody’s Investors Service said it changed the outlook on Energia Group Ltd. to positive from negative.

“The positive outlook reflects Moody’s expectation that FFO/debt will remain comfortably in the double digits in percentage terms. FFO/debt was 13.5% in the 12 months to September 2020, compared to 11.5% in the year to March 2020, supported by growing customer accounts in the Republic of Ireland (ROI) and higher profits in customer solutions and flexible generation in the first half of the financial year, offset by weakness in renewables,” the agency said in a press release.

Concurrently, Moody’s affirmed Energia’s B1 long-term corporate family rating and B1-PD probability of default rating, the B1 ratings on the senior secured notes issued by Energia Group NI FinanceCo plc and Energia Group RoI Holdings DAC and the Ba1 rating on Energia Group NI Holdings Ltd.’s £225 million backed super senior secured revolving credit facility.

The agency also changed the outlooks for Energia Group NI FinanceCo and Energia Group NI Holdings to positive from negative.

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