Our credit view of Clearway reflects its strong sponsor and low development risk, offset by high debt leverage and an approaching revolving credit expiration date, weakening liquidity.
Our credit view of Clearway Energy reflects its strong sponsor and low development risk, constrained by high debt leverage and its high dependence on SCE's credit quality.
The dividend reduction will help Clearway preserve its liquidity in the face of potentially no cash distributions from projects exposed to power purchase agreements (PPAs) with PG&E.