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Action items: Moody's upgrades AES, Diamondback Energy, TerraForm Power


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Action items: Moody's upgrades AES, Diamondback Energy, TerraForm Power

S&P Global Market Intelligence presents a periodic rundown of selected ratings actions on U.S. energy companies. The changes, confined to upgrades, downgrades and changes in outlook, are listed by announcement date in reverse chronological order.

June 27

* Moody's upgraded Permian Basin oil producer Diamondback Energy Inc.'s corporate family rating to Ba2 from Ba3 and changed its rating outlook from stable to positive. The firm also boosted Diamondback's senior unsecured notes rating to Ba3 from B1.

June 26

* S&P Global Ratings placed General Electric Co.'s ratings, including its A long-term issuer credit rating, on CreditWatch with negative implications following the conglomerate's plan to spin off its healthcare unit.

June 19

* S&P Global Ratings downgraded Westmoreland Coal Co. to reflect the company entering into a forbearance agreement with senior secured debt holders in May.

* Moody's upgraded TerraForm Power Operating LLC's corporate family rating to Ba3 from B1, after the company completed the purchase of 95% of Saeta Yield SA's outstanding shares.

June 18

* S&P Global Ratings lowered its issuer credit ratings on OGE Energy Corp. and subsidiary Oklahoma Gas and Electric Co. to BBB+ from A-, following a settlement in OG&E's general rate case.

* Moody's downgraded Talen Energy Supply LLC's corporate family rating and its senior unsecured guaranteed debt to B2 from B1 following the independent power producer's move to remarket $131 million of its guaranteed revenue bonds.

* Moody's upgraded AES Corp.'s corporate family rating to Ba1 from Ba2 and its probability of default rating to Ba1-PD from Ba2-PD, citing improvement in the company's credit profile.

* Analysts are readjusting their views on Murray Energy Corp. following a refinancing transaction that was seen as a distressed exchange.

* Moody's Investors Service downgraded its outlook on the regulated utilities sector to "negative," citing lower cash flows and higher debt levels as federal tax reform and increased capital spending continue to weigh on the sector.