Financial Flexibility

Historic Credit Metrics

  • S&P-ADJUSTED FFO-TO-DEBT
  • MOODY’S CONSOLIDATED DEBT-TO-EBITDA
  • FITCH-ADJUSTED FFO ADJUSTED LEVERAGE

S&P-ADJUSTED FFO-TO-DEBT

S&P-ADJUSTED FFO-TO-DEBT(1)

Credit Expectations FFO/Debt Downgrade Threshold Color
2022 19.6% 12 #007db6
2023 14.6% 12 #007db6

Downgrade Threshold

1) Metrics are based on XPLR Infrastructure's intrerpretation of the credit metric metholodogies, which can be found on each agency's respective website

MOODY’S CONSOLIDATED DEBT-TO-EBITDA

MOODY’S CONSOLIDATED DEBT-TO-EBITDA(1)

Credit Expectations MOODY’S CONSOLIDATED DEBT-TO-EBITDA Downgrade Threshold Color
2022 4.0x 7.0x #007db6
2023 5.4x 7.0x #007db6

Downgrade Threshold

1) Metrics are based on XPLR Infrastructure's intrerpretation of the credit metric metholodogies, which can be found on each agency's respective website

FITCH-ADJUSTED FFO ADJUSTED LEVERAGE

FITCH-ADJUSTED FFO ADJUSTED LEVERAGE(1)

Credit Expectations FITCH-ADJUSTED FFO ADJUSTED LEVERAGE Downgrade Threshold Color
2022 4.0x 5.0x #007db6
2023 4.8x 5.0x #007db6

Downgrade Threshold

1) Metrics are based on XPLR Infrastructure's intrerpretation of the credit metric metholodogies, which can be found on each agency's respective website.

Off-Credit Debt Adjustments

The credit rating agencies ascribe different levels of equity content for the various structures contained within XPLR Infrastructure' capital structure. Additionally, the rating agencies make various adjustments for non-recourse debt.

  S&P Moody’s Fitch

Convertibles

 Convertible Equity Portfolio Financing (CEPF)

 

0%

 

100%

 

100%
Convertible Preferred 50% 100% 50%

Non-Recourse Debt

 Project Debt - renewables (wind, solar and battery storage) and pipelines

 

 

100%

 

 

0%

 

 

100%
Tax Equity (differential membership interest) not considered debt not considered debt not considered debt