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ScottishPower Generation Ltd -- Moody's withdraws ScottishPower Generation's rating

Moody's Investors Service ("Moody's") has today withdrawn the Baa1 issuer rating of ScottishPower Generation Ltd ("SPGEN"). The rating action follows the announcement on 2 January 2019 by SPGEN's ultimate parent company, Iberdrola S.A. (Baa1 stable), that it had completed the sale of 100% of the share capital in SPGEN to Drax Group plc for GBP702 million (subject to customary adjustments and a risk sharing mechanism) on 31 December 2018. Moody's has withdrawn the credit rating because SPGEN was the subject of a corporate reorganization.