S&P rates Clearway Energy notes BB

S&P said it assigned BB issue-level and 3 recovery ratings to Clearway Energy Operating LLC's $350 million of senior unsecured notes offering. The 3 recovery rating reflects an expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in default.

“The rating on the notes is in line with the company's other senior unsecured debt,” S&P said in a press release.

The company will use the proceeds to repay the $350 million of 2026 senior unsecured notes. “Clearway is not increasing gross debt so this issuance will not have a material impact on its credit metrics,” the agency said.

The parent company Clearway Energy Inc.’s issuer rating remains BB, and the outlook is stable.

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