Moody’s lifts Solar Star bonds

Moody's Investors Service said it upgraded Solar Star Funding, LLC's senior secured bonds to Baa2 from Baa3.

The outlook is positive.

The agency said the upgrade takes into consideration strong sponsor support shown by Berkshire Hathaway Energy Co. as a world class sponsor that has invested almost $1.2 billion of common equity into Solar Star.

Moody’s said the large amount of invested equity results in a debt to total capital ratio of around 54% as of June that is substantially lower than similar contracted power projects with fully amortizing debt.

“In 2016, BHE demonstrated its support when it acted quickly to source replacement transformers, which was partially funded with equity,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.