TerraForm Global Operating, LLC -- Moody's assigns B1 CFR to TerraForm Global Operating LLC; B2 rating to $800 million unsecured notes due 2022; Rating outlook is Stable

New York, July 21, 2015 -- Moody's Investors Service ("Moody's") today assigned a B1 Corporate Family Rating (CFR) to TerraForm Global Operating LLC (TGO) and a B1-PD Probability of Default rating (PDR). The rating outlook is stable. At the same time, Moody's assigned a B2(LGD4) senior unsecured rating to TGO's planned issuance of a $800 million senior unsecured notes due in 2022. The unsecured debt is rated one notch below the CFR to reflect TGO's $440 million senior secured revolving credit facility. As a condition precedent to the financial closing of these facilities, TGO's parent TerraForm Global Inc (GLBL: not rated) will become a publicly listed YieldCo, raising approximately $1.1 billion of equity through an IPO (expected to be completed by mid-August) and an additional $577.5 million of equity through private placements. After the equity sales, GLBL's sponsor Sun Edison Corp. (SUNE; not rated) will retain an approximately 40% ownership in both GLBL and TGO.

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