Moody's assigns Pattern Energy Operations Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating and Ba3-PD probability of default rating to Pattern Energy Operations LP. Moody's also assigned an SGL-2 speculative grade liquidity rating to Pattern Operations. This is the first-time rating for Pattern Operations. The outlook is positive.

According to the first supplemental indenture dated Monday, Pattern Operations has become a co-obligor under Pattern Energy Group, Inc.'s $350 million of senior unsecured notes due in 2024. Moody's also affirmed the Ba3 rating on the senior unsecured notes issued by the Pattern Energy Group in 2017, which are now joint and several obligations of both Pattern Operations and Pattern Energy Group. Concurrently, Moody's withdrew Pattern Energy Group’s corporate family, probability of default and speculative grade liquidity ratings.

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