Moody's confirms KGen

Moody's Investors Service said it confirmed the B1 rating on KGen LLC's senior secured credit facilities and revised the outlook to negative. This concludes the review for downgrade that began on Dec. 2 with the downgrade of KGen's rating to B1 from Ba3.

The company is no longer likely to underperform its budget for fiscal year 2009 by a significant amount nor is the company expected to draw on its debt service reserve, the agency noted.

KGen made a draw on its revolving credit facility demonstrates that the company may get access to a substantial amount of committed external liquidity, significantly increasing its operating flexibility, the agency said.

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