Fitch lifts Solar Star notes

Fitch Ratings said it upgraded Solar Star Funding, LLC's $1.325 billion senior secured notes to BBB+ from BBB.

The outlook is stable.

“The upgrade reflects Solar Star's improved projected financial metrics following the removal of a recurring $3.9 million fee associated with the power purchase agreement (PPA) security letter of credit,” the agency said in a news release.

Fitch also said that Solar Star has achieved operational stability with high levels of availability since late 2016.

The agency said it views prior technical challenges as conclusively resolved and expects Solar Star to maintain its improved technical performance.

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