October 01, 2024 09:18 GMT
CREDIT SUPPLY: FCC (FCCSER NR/NR/BBB): New Issue FV
CREDIT SUPPLY
- IPT: Exp. EU500m 7Y Green MS+180-185.
- We see FV at MS+140a.
- FCCSER trades at the wide end of mid triple B utilities, with only a Fitch rating, relatively small scale and construction exposure justifying that. DUK (Baa2/BBB) and TEREGA (Baa2) help inform the curve shape.
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