OREANDA-NEWS. Fitch Ratings says that the change of ownership of WindMW GmbH has no impact on WindMW's debt ratings. The ratings are listed at the end of this commentary

On 13 June 2016 Blackstone announced that it entered into a definitive agreement to sell its 80% stake WindMW to China Three Gorges (Europe) S. A., which is fully owned by China Three Gorges Corporation (A+/Stable). The transaction is subject to some regulatory approvals.

We rate WindMW's debt on a standalone basis under project finance methodology for wind projects. The existing linkages with Blackstone such as the subordinated shareholder loan and the letters of credit to support the project's reserves (debt service reserve and covered claims reserve) will be transferred to the new owner, which has a strong credit profile, or replaced on the same terms with reputable financial counterparties.

Separately, WindMW's actual energy production in 5M16 was slightly over the 1-year P90 level, affected by abnormally low wind conditions during March. Fitch's ratings are based on the 1-year P90 production assumption.

The first semi-annual payment on the notes is forthcoming at the end of June and funds have been accumulated and reserved for that purpose.

List of WindMW's ratings:

USD438.6m notes series A due 2027 'BBB-'; Stable Outlook

EUR88m notes series B due 2027 'BBB-'; Stable Outlook

EUR95m notes series C due 2021 'BBB'; Stable Outlook

EUR75m notes series D due 2021 'BBB'; Stable Outlook

EUR139m notes series E due 2021 'BBB'; Stable Outlook

EUR 92m Schuldschein notes due 2021 'BBB'; Stable Outlook

EUR 25m German notes 2021 due 2021 'BBB'; Stable Outlook

EUR58m German notes 2027 due 2027 'BBB-'; Stable Outlook