Fitch hikes Westinghouse

Fitch Ratings said it upgraded Brookfield WEC Holdings Inc.'s and Brookfield WEC Holdings Sub-Aggregator LP's (WEC; operating under the name Westinghouse Electric Co.) long-term issuer default ratings to B+ from B.

The agency also raised WEC's asset-based lending facility to BB+/RR1 from BB/RR1 and its senior secured revolving credit facility and term loans to BB-/RR3 from B+/RR3.

“The upgrade reflects the improved visibility on the company's EBITDA expansion and deleveraging path following recent order wins and a growing backlog, with EBITDA leverage expected to be at or below 4.5x, Fitch's prior positive sensitivity, in 2024 and the near future. Fitch expects the company, under the new Brookfield Renewable Partners (BEP; BBB+/stable) and Cameco ownership, to adopt a capital allocation and financial policy to pursue select bolt-on acquisitions, retain financial flexibility, and manage its leverage under 4.5x,” the agency said in a press release.

The outlook is stable.

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