Moody's: LS Power view negative

Moody's Investors Service said it affirmed LS Power Funding Corp.'s Baa3 senior secured rating and revised the outlook to negative.

Moody's said the revision reflects a decline in financial performance over the last few years that is below the sponsor's initial forecast and to levels more commensurate with Ba-rated project financings.

LS Power Funding's weaker financial performance is driven principally by structural changes to the regional economy that has reduced regional demand and has in turn impacted the operational profile of one of the projects along with competitiveness of the assets, the agency said.

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