Grand Renewable Solar LP: Rating Report

On June 23, 2023, DBRS, Inc. (DBRS Morningstar) confirmed Grand Renewable Solar LP’s (ProjectCo) Issuer Rating and the ratings on the 3.926% Series 1A-2016 Senior Secured Notes and 3.926% Series 1B-2016 Senior Secured Notes at BBB. All trends are Stable. The pari passu Notes, with an outstanding balance of approximately $422.5 million, will fully amortize by the January 31, 2035, maturity date. The rating confirmations reflect ProjectCo’s good operating and financial performance over the review period. The Stable trends reflect DBRS Morningstar's expectation that performance will remain stable for the next 12 months.