Moody's cuts Energy Future CFR to Caa1

Moody's Investors Service said it downgraded the corporate family rating for Energy Future Intermediate Holding LLC (EFIH) to Caa1 from B3.

In addition, Moody's lowered Energy Future's probability of default rating (PDR) to Caa1-PD from B3-PD.

The outlook remains negative.

"We see an increasing likelihood that EFIH will be affected by the restructuring contagion at Energy Future Competitive Holdings Company LLC, despite the attempts to disentangle the legal entities," Moody's associate managing director Jim Hempstead said in a news release.

"As a result, and based on recent company disclosures, we now think EFIH and its ultimate parent holding company, Energy Future Holdings Corp, will likely be included in any bankruptcy restructuring events that could be announced as early as the next quarter."

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