Fitch assigns BBB- to Vistra securities

Fitch Ratings said it assigned BBB-/RR1 ratings to the planned pre-capitalized trust securities (P-Caps) to be issued by Palomino Funding Trust I, a special purpose vehicle established by Vistra Operations Co., LLC, an indirect subsidiary of Vistra Corp. The RR1 Recovery Rating denotes superior recovery.

Additionally, Fitch affirmed the BB long-term issuer default ratings of Vistra and Vistra Operations. The agency also affirmed Vistra Operations' senior secured debt at BBB-/RR1 and senior unsecured debt at BB/RR4 and Vistra's preferred stock at B+/RR6.

Vistra Operations plans to use the proceeds to bolster its liquidity and collateral capacity and release a portion of its current cash collateral postings.

The outlook is stable.

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