Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Homer City Generation, LP > News item |
Moody’s drops Homer City bonds to Ca
Moody's Investors Service said it downgraded Homer City Generation LP's senior secured bonds to Ca from Caa2.
The outlook remains negative.
Moody’s said the downgrade acknowledges the project's recent payment default, which occurred on Oct. 3 owing to challenging wholesale power market conditions, an unsustainable capital structure, and low liquidity.
While it understands the project has entered into a forbearance agreement with its bondholders that lasts through Oct. 17, the agency said it sees a high probability that Homer City will eventually file for bankruptcy as part of a debt restructuring.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.