Moody's rates Homer City notes Caa1

Moody's Investors Service said it assigned a provisional Caa1 rating to Homer City Generation's $640 million of senior secured notes.

The outlook is stable.

Moody's said the provisional Caa1 rating on Homer City's senior secured notes considers its expected emergence from bankruptcy with no reduction in debt, full merchant energy exposure, and ability of the owner, an affiliate of General Electric Capital Corp. to terminate the construction of the new flue gas desulfurization equipment on Units 1 & 2 of Homer City at its discretion.

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