Moody's cuts Genesis Energy

Moody's Investors Service said it downgraded Genesis Energy LP’s ratings, including its corporate family rating to B1 from Ba3, its probability of default rating to B1-PD from Ba3-PD and ratings on its senior unsecured notes to B2 from B1. The SGL-3 speculative grade liquidity rating is unchanged.

"Genesis Energy continues to have high leverage even after the sale of a minority interest in its Chops system," stated James Wilkins, a Moody's vice president, in a press release.

"The sales proceeds will enhance liquidity, but there remains uncertainty over the recovery in its earnings and future contributions to earnings from new projects," Wilkins added.

The outlook is negative.

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