Research Update: ExGen Renewables IV LLC Upgraded To 'B+' From 'B' As PG&E Emerges From Bankruptcy; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: ExGen Renewables IV LLC Upgraded To 'B+' From 'B' As PG&E Emerges From Bankruptcy; Outlook Stable

Research Update: ExGen Renewables IV LLC Upgraded To 'B+' From 'B' As PG&E Emerges From Bankruptcy; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: ExGen Renewables IV LLC Upgraded To 'B+' From 'B' As PG&E Emerges From Bankruptcy; Outlook Stable
Published Jul 16, 2020
6 pages (2648 words) — Published Jul 16, 2020
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

We are raising our long-term issuer credit rating on ExGen Renewables IV LLC (EGR IV) to 'B+' from 'B' following PG&E Corp.'s emergence from bankruptcy, which had no impact on the Antelope Valley Solar Ranch (AVSR) contract. We are also raising our issue-level rating on EGR IV's $850 million term loan due in 2024 to 'BB-' from 'B' and revising the recovery rating to '2' from '3' based on lower debt outstanding at our simulated default at maturity in 2024 instead of due to PG&E's bankruptcy in 2020. The stable outlook reflects our view that all of EGR IV's assets will operate in line with expectations with no trapped distributions now that PG&E has emerged from bankruptcy and the AVSR

  
Brief Excerpt:

...- We are raising our long-term issuer credit rating on ExGen Renewables IV LLC (EGR IV) to 'B+' from 'B' following PG&E Corp.'s emergence from bankruptcy, which had no impact on the Antelope Valley Solar Ranch (AVSR) contract. - We are also raising our issue-level rating on EGR IV's $850 million term loan due in 2024 to '##-' from 'B' and revising the recovery rating to '2' from '3' based on lower debt outstanding at our simulated default at maturity in 2024 instead of due to PG&E's bankruptcy in 2020. - The stable outlook reflects our view that all of EGR IV's assets will operate in line with expectations with no trapped distributions now that PG&E has emerged from bankruptcy and the AVSR contract was not affected. We expect leverage of 5.5x-6.5x in 2021 and 2022....

  
Report Type:

Research Update

Issuer
ExGen Renewables IV LLC
GICS
Independent Power Producers & Energy Traders (55105010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: ExGen Renewables IV LLC Upgraded To 'B+' From 'B' As PG&E Emerges From Bankruptcy; Outlook Stable" Jul 16, 2020. Alacra Store. May 01, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-ExGen-Renewables-IV-LLC-Upgraded-To-B-From-B-As-PG-E-Emerges-From-Bankruptcy-Outlook-Stable-2480033>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: ExGen Renewables IV LLC Upgraded To 'B+' From 'B' As PG&E Emerges From Bankruptcy; Outlook Stable Jul 16, 2020. New York, NY: Alacra Store. Retrieved May 01, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-ExGen-Renewables-IV-LLC-Upgraded-To-B-From-B-As-PG-E-Emerges-From-Bankruptcy-Outlook-Stable-2480033>
  
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