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Moody's cuts Liberty Electric loan
Moody's Investors Service said it downgraded Liberty Electric Power, LLC's first-lien credit facilities, including its $325 million term loan and its $35 million revolving credit facility due November 2014, to B1 from Ba3.
The outlook is stable.
The downgrade reflects deterioration in the financial prospects for the project that has come primarily as a result of the expiration of its long-term hedge while wholesale power prices have remained significantly below original expectations, the agency said.
The ratings consider the environment of persistently low market energy prices and the view that despite market pressures, over the near-to-medium term the project is likely to demonstrate financial metrics commensurate with the B1 rating, the agency said.
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