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Moody's changes Atlantica Yield outlook to stable

Moody's on March 31 changed its outlook on Atlantica Yield plc to stable from negative and upgraded the yieldco's speculative grade liquidity rating to SGL-3 from SGL-4 given the improvement in its liquidity and debt maturity profile.

The ratings actions considered the yieldco's separation from its parent company, Abengoa SA, and its repayment of a $290 million Tranche B term revolving credit facility due in December 2017. In addition, the upgraded SGL-3 rating reflects the yieldco's 2016 dividend policy that enabled the it to fully fund its approximately $50 million in capital needs and the report of a corporate cash balance of $122.2 million at year-end 2016.

The agency also affirmed the company's B1 Corporate Family Rating and B2 senior unsecured rating.