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Moody's hikes Constellation Energy
Moody's Ratings said it upgraded Constellation Energy Generation, LLC's senior unsecured and issuer ratings to Baa1 from Baa2. The agency also raised the rating on Constellation Energy's pre-capitalized trust securities (P-Caps) to Baa1 from Baa2. The P-Caps were issued by Fells Point Funding Trust and served as a source of liquidity for the company.
"Constellation Energy's upgrade reflects the improvement of its CFO pre-WC to debt ratio to 35% for the full year 2023 from 27% in 2022 and the additional revenue certainty provided by the nuclear production tax credits (PTCs) included in the Inflation Reduction Act of 2022," said Toby Shea, a Moody’s vice president and senior credit officer, in a press release.
"Importantly, the company has also committed to managing its debt level as necessary to meet a CFO pre-WC to debt ratio of 35% going forward, which we expect to be sustained," Shea added.
The outlooks of Constellation Energy and Fells Point Funding Trust are stable.
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