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S&P affirms Topaz Solar Farms
S&P said it affirmed its BBB project rating on Topaz Solar Farms LLC and removed it from CreditWatch, where it was placed with negative implications on Feb. 23.
The outlook is negative.
The agency said the action follows a similar action on the issuer credit rating on Pacific Gas and Electric on Sept. 5.
Topaz Solar receives all of its revenues from PG&E under a long-term power purchase and sale agreement.
“The solar project's rating is currently capped by the credit quality of the utility off-taker, PG&E,” S&P said in a news release.
“The negative outlook reflects our view that a downgrade of the utility will also lower the rating on Topaz Solar Farms LLC's notes by an equal number of notches.”
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