Moody's gives North American Energy loan Ba1

Moody's Investors Service said it assigned a rating of Ba1 to the $545 million senior secured credit facilities recently issued by North American Energy Alliance, LLC.

The credit facilities are comprised of an $85 million first-lien term loan due 2015, a $340 million first-lien delayed draw term loan due 2015, an $80 million letter of credit facility due 2013 and a $40 million working capital revolving credit facility due 2013, the agency noted.

In addition, Moody's said it also assigned a rating of Ba3 to the proposed $325 million senior unsecured notes due 2016 to be issued by North American Energy to take out a senior unsecured bridge loan of the same amount.

The outlook is stable.

The ratings reflect, among other things, the high proportion of cash flow that is either contracted or hedged with creditworthy counterparties and the rapid de-leveraging of the first-lien term facilities, Moody's said.

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