Moody's turns Pattern Operations view to stable

Moody's Investors Service said it changed the outlook of Pattern Energy Operations LP to stable from positive. Concurrently, Moody's affirmed Pattern Operations' Ba3 corporate family rating, Ba3 senior unsecured rating and Ba3-PD probability of default rating. Pattern Operations' speculative grade liquidity rating is unchanged at SGL-2.

"The change in Pattern Operations' outlook to stable from positive reflects our expectation that incremental project debt incurred during 2021 will reduce consolidated credit metrics going forward following an improvement in 2020," said Natividad Martel, a Moody’s vice president and senior analyst.

"Today's rating action also considers lower liquidity following the renewal of the group's committed revolving bank credit facility at a reduced size of $375 million (down from $440 million) that will now mature in 2026," added Martel.

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