Moody's drops OPTI, rates loan B1, notes B2

Moody's Investors Service said it lowered OPTI Canada Inc.'s Caa1 corporate family rating to Caa2, and Caa1 $1.75 billion second-lien notes rating to Caa3.

Moody's said it also assigned a B1 rating to OPTI's proposed C$150 million secured revolver and a B2 rating to its proposed secured notes issue.

The outlook remains negative.

The ratings on the existing C$350 million revolver will be withdrawn when the new C$150 million revolver closes, the agency added.

According to Moody's, the lowering of the corporate family rating reflects the incremental debt burden assumed by OPTI as a result of the notes issue.

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