Moody's lowers Energy Solutions

Moody's Investors Service said it downgraded the ratings of Energy Solutions, LLC, including the corporate family and probability of default ratings to B3 from B2.

Concurrently, Moody's placed the company's ratings under review for possible further downgrade.

The SGL-3 speculative grade liquidity rating remains unaffected.

Moody's said the corporate family rating downgrade follows downward revision of the company's earnings guidance for 2012 and disclosure by the company that its Zion nuclear decommissioning project will deliver an inadequate expected return relative to Energy Solutions' capital costs.

These developments coincide with the board of directors' decision to replace the company's CEO and CFO - the second executive management team transition since 2010 - the agency said.

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