Moody’s Investors Service (“Moody’s”) affirmed WG Partners Acquisition, LLC’s (WGP) B1 senior secured bank credit facility rating and revised the outlook to positive from negative. The rating affirmation and outlook change to positive reflects Pacific Gas & Electric Company’s (PG&E) proposed plan of reorganization that incorporates PG&E assuming its power purchase agreements (PPA). PG&E’s bankruptcy and the risk of PPA rejection in bankruptcy has been the primary risk constraining WGP’s credit profile since two of WGP’s six portfolio companies, the Three Sisters and the Five Brothers, derive cash flows from PPAs with PG&E that expire in 2020 and 2022, respectively.
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