S&P blows Alta Wind outlook to negative

S&P said it changed its outlook for Alta Wind Holdings LLC Trust to negative from stable and affirmed the BBB- rating on the trust’s certificates issued through Alta Wind 2010 Pass-Through Trust.

“Alta's wind generation has varied historically since 2012, with average generation during 2012-2022 consistently underperforming our initial P90 assumptions by more than 6%. At the same time, the project's wind resource has declined significantly in the past few quarters. Wind speeds have remained erratic due to the persistent El Nino weather pattern that has affected parts of the U.S. In the first half of 2023, Alta's production dipped by almost 15% from our base-case expectation, which led to a lower DSCR of 1.14x compared with our forecast of 1.46x,” the agency said in a press release.

The negative outlook reflects the view of Alta’s weaker-than-expected financial performance and weaker DSCRs.

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