Moody's Investors Service has assigned an A3 rating to Plenary Infrastructure DC LLC's approximately US$155 million of amortizing senior secured bonds. Plenary Infrastructure is the concessionaire for the Smart Street Lighting project in Washington DC, the USA. The bonds will be issued by the District of Columbia which will function as a conduit issuer and will on-lend the bond proceeds to Project Co as a back-to-back loan.
The bonds will be used to finance a portion of the concession, which includes the design, construction, finance, and maintenance of the existing street light network in the District of Columbia. Once the project achieves final completion, Project Co will receive availability payments from the District over a 13-year period to cover asset management costs, debt service, and equity returns. The availability payments are subject to deductions for unavailability and performance noncompliance.