Moody's ups Energia, rates notes B2

Moody's Investors Service said it upgraded the long-term corporate family rating of the restricted group of companies owned by Energia Group Ltd. to Ba2 from Ba3 and assigned a Ba2 rating to the planned €600 million of backed senior secured notes to be sold by Energia Group ROI FinanceCo DAC.

Concurrently, Moody's upgraded Energia Group's probability of default rating to Ba2-PD from Ba3-PD, upgraded the rating of Energia Group NI FinanceCo plc's outstanding senior secured notes due 2024 and 2025, jointly issued by Energia Group RoI Holdings DAC, to Ba2 from Ba3, and affirmed the Baa3 rating of Energia Group NI Holdings Ltd.'s outstanding backed super senior secured revolving credit facility due 2024.

“The upgrade of the CFR reflects the demonstrated resilience of Energia's diversified utility business in the face of high and volatile commodity prices. The EBITDA of the restricted group, which excludes Energia's project-financed renewable assets, reached a record high of €177 million in financial year ending March 2023 (2022-23), excluding revenue over-recoveries, as very strong earnings from renewable power purchase agreements (PPAs) and the Huntstown gas-fired power stations more than offset losses from unregulated retail energy sales in the group's customer solutions segment as a result of very high wholesale gas and electricity prices in the Irish single electricity market,” Moody’s said in a press release.

The outlooks are stable.

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