Press Room

New York, February 10, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Investment Energy Resources Limited (IERL) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 3 February 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Key rating considerations are summarized below.

Investment Energy Resources Limited's (IERL) credit profile reflects its diverse portfolio of renewable assets in Central America and the Dominican Republic that have demonstrated adequate operational performance in recent years. The credit quality also reflects the cash flow visibility, given that the assets are mostly contracted under long-term, fixed-price USD dollar denominated power purchase agreements (PPAs), with an average remaining life of more than 13 years. Balanced against these credit strengths, is IERL exposure to the relatively weaker credit quality of the PPA off-takers, where approximately 60% of the cash flows in 2020 derived from contracts with either B-rated counterparties or unrated companies that operate in countries in the B-rating range.

IERL's credit quality also incorporates relatively high leverage. Under Moody's base case, considering a P-90 generation scenario, projected financial metrics indicates an average ratio of cash interest coverage (CFO Pre-W/C+ interest)/interest and (CFO Pre-W/C)/debt of 3.0x and 12.0%, respectively, over 2022 -- 2024.

This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.

The principal methodology used for this review was Unregulated Utilities and Unregulated Power Companies published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Adrian Garza

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